When you hear any of these eleven statements from a homeowner 62 and older a reverse mortgage may benefit them. They should be encouraged to get the facts to see if a reverse mortgage is right for their situation.
- “I want to stay in my home.”
- “My only option is to move.”
- “I can’t afford home health care.”
- “We can’t afford a mortgage payment.”
- “We can’t afford to make home repairs or modifications.”
- “Not enough money at the end of the Social Security check.”
- “I need help with keeping up my home with housekeeping or yard work.”
- “I’m downsizing and moving.” or “I’m moving closer to my children.”
- They need funds for retirement planning.
- They can’t afford the little extras that would help them maintain and enjoy their life.
- They want Security, Independence, Dignity, and Control which they are missing in some way now.
A reverse mortgage is a mortgage with special terms for seniors 62 and older. Some of the differences include income and credit scores are not considered to qualify for the interest rate and monthly mortgage payments are not required. Rather than a 15 or 30 year term, the loan is due and payable when the home is no longer the primary residence of the borrowers or on the 150th birthday of the youngest borrower. In addition, the reverse mortgage is non-recourse, which means if the loan balance is higher than what the home can be sold for there is no personal liability to the borrower or their heirs. If the home is sold for more than the loan balance, the borrower or their heirs receive the difference. The most common and only reverse mortgage available in Minnesota is the FHA HUD insured Home Equity Conversion Mortgage or HECM.
Options are available! When you hear any of the above statements remember a reverse mortgage may be the option that is the most beneficial to their situation.
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