As we celebrate our country’s Independence this 4th of July we think of the freedom’s we have in addition to having the rights to life, liberty and the pursuit of happiness.  Personally we may look at having the freedom to make choices and not rely on others as well being able to pursue the things that make us happy to live life with independence.

Freedom to seniors may mean choosing to remain in their home, not rely on their children or the government financially.  Happiness likely means having the finances to enjoy retirement, maintain their lifestyle, go out to lunch with friends, to take their children or grandchildren out to eat or for a fun activity, maybe to the zoo or a play, or to be able to travel for family reunions or weddings.

I’m guessing you know someone 62 and older who would be like to be able to feel more free, have choices, or want to pursue their retirement life with the following.  I’m also guessing they would feel happier being able to pursue any the things on this list during their retirement.

• Stay in their home where they may have raised their family, are familiar with the neighborhood and their neighbors and where they usually want to remain.
• Pay off a current mortgage to eliminate the monthly mortgage payments.
• Have improved cash flow with no monthly mortgage payments.
• Protect some of their other retirement funds or investments where there might be taxes or penalties on withdrawals.
• Purchase a new home to downsize and/or  move closer to family
• Have funds for emergencies.
• Have funds for making home improvements or home modifications.
• Retire and not feeling like they have to work just to have money to pay the bills.
• Save their home when faced with foreclosure or tax forfeiture.
• Have cash flow to be able to pay taxes.
• Have funds to pay for home health care.
• Have funds for some assistance with home care or companion services.
• Have funds for adult day services.
• Have funds for medical expenses and prescriptions.
• Afford going to the dentist.
• Afford new eye glasses.
• Have funds for the needed hearing aid.
• Have funds to cover long term care expenses.
• Cover everyday living expenses.
• Not rely on credit cards.
• Not rely on children.
• Have funds for the little extras in life, like:
  • getting one’s hair done,
  • having cable TV,
  • buying groceries,
  • going to lunch with friends,
  • treating their children to dinner,
  • Going to community plays or the theater or a concert,
• Taking their grandchildren to the zoo or a movie,
• Being able to do hobbies.
• Purchase a more dependable car
• Afford transportation when they can no longer drive.
• Afford the travel for the family wedding or reunion.
• Take the vacation they have dreamed of all their life.
• Reduce financial stress.
• Have funds to fulfill needs and goals.
• To live with security, independence, dignity and control.

A reverse mortgage, a loan with special terms for homeowners 62 and older, may be the financial tool to provide the freedom, life, liberty and pursuit of happiness.

Offering many advantages for senior homeowners, a Home Equity Conversion Mortgage (HECM), the most common reverse mortgage, and only reverse mortgage currently available in Minnesota, has no monthly mortgage payments (borrowers are still responsible for paying property taxes, hazard insurance, maintaining the property), no income or credit score qualifications for determining the interest rate.*  This unique loan allows access to cash from the equity of the home to use through monthly payments, a line of credit with a growth rate, lump sum or a combination of these and pay it back when the home is no longer the primary residence of borrower(s).  When the home is sold any remaining equity goes to the borrower or their heirs.  With the reverse mortgage, if the loan balance is higher than the home can be sold for there is no personal liability to borrowers or their heirs.

As you hang your flags, watch parades, gather for picnics, and watch fireworks celebrating the independence of the US, and the freedom, life, liberty and pursuit of happiness we have, ponder and discuss what this means to you and your senior loved ones.  Consider how a reverse mortgage may provide freedom, life, liberty and the pursuit of happiness during retirement years.

Happy Independence Day!

*As of April 27, 2015 income and credit are used for the Financial Assessment to determine borrower’s ability and willingness to pay property taxes and insurance into the future.

© 2014-2015 Beth Paterson http://rmsidac.com/beths-reverse-mortgage-blog/ 651-762-9648

This material may be re-posted provided it is re-posted in its entirety without modifications and includes the contact information, copyright information and the following link: http://wp.me/p4EUZQ-17Y

Related articles:

• Reverse Mortgages Provide Independence
• What Gives You A Sense of Independence? A Reverse Mortgage May Provide You These Freedoms!
• Reverse Mortgages Equal Independence for Seniors
• Reverse Mortgage Help Celebrate Independence
• Know A Senior Who Wants Security, Independence, Dignity, and Control? A Reverse Mortgage May Be The Answer!
• Seventeen Facts About Reverse Mortgages You May Not Know
• Details of Reverse Mortgages
• Frequently Asked Questions About Reverse Mortgages
• Think You Don’t Need A Reverse Mortgage? Think Again… You May Want One!

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