Reverse Mortgages Give Reasons For Hope

Reverse Mortgage Gives Reason for Hope

As I was reflecting on the hope that this season brings I got to thinking about the reasons the reverse mortgage gives hope to seniors. Here are some of the reasons for hope with a reverse mortgage. Yes, the list is long but seniors have a long list of wants and needs for hope. With a reverse mortgage one will be able to:

• Stay in one’s 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 principal and interest of mortgage payments. Have payment flexibility; choose if, when and how much you pay, lowering the loan balance and creating a line of credit which grows allowing more funds for in the future.

• Protect other investments/Hedge against longevity risk.

• Have funds for emergencies and/or long-term care.

• Have improved cash flow with no monthly mortgage payments. (Still have to pay property taxes and hazard insurance, flood and HOA dues if applicable.)

• Protect some of their other retirement funds or investments where there might be taxes or penalties on withdrawals.

Purchase a new one-level home to meet changing health needs

• Purchase a new home to downsize and/or move closer to family

• Have funds for making home improvements or home modifications.

• Retire and not feeling like you have to work just to have money to pay the bills.

• Have cash flow to be able to pay taxes.

• Have funds to pay for home health care.

Reverse Mortgage pays for home care or companion 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.

• Payoff spouse in a divorce.

• Use in probate for an heir to purchase home and pay off other heirs.

HECM Reverse Mortgage Provides funds for extras in life

• 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 the grandchildren to the zoo or a movie,
○ Depends (I had a client say with their reverse mortgage they could now afford to buy Depends),
○ being able to do hobbies.

• Purchase a more dependable car.

• Afford transportation if one can no longer drive.

Afford to travel for family wedding or reunion with a reverse mortgage

• Afford the travel for the family wedding or reunion.

• Take the vacation they have dreamed of all their life.

• Have funds for emergencies.

• Reduce financial stress.

• Save one’s home when faced with foreclosure or tax forfeiture.

• Have funds to full fill needs and goals.

• To live with security, independence, dignity and control.

I have helped seniors where a reverse mortgage has fulfilled all of these reasons and more, providing hope for their future. A reverse mortgage has given hope to thousands of Minnesota seniors so they can remain in their home with security, independence, dignity and control even during trying times. If you know a senior who is looking for hope for one or more of the above reasons, a reverse mortgage may be their answer.

Would you like to explore a reverse mortgage for your situation? Contact us if you are in Minnesota.  As your local broker, we work with several lenders and provide free information and facts with no obligation, meeting in person whenever possible.

For other states, contact your local reverse mortgage specialist who is a broker, one who works with several lenders, has their Broker License/NMLS and preferably holds the Certified Reverse Mortgage Professional (CRMP) designation.

© 2019 Beth Paterson, CRMP, Beth’s 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: https://wp.me/p4EUZQ-2CC

Related Articles:

Blog posts’ information is current as of date post published, program is subject to change in in the future. Contact us for current information, 651-762-9648.

This site or the information provided is not from, or approved by, HUD, FHA, or any US Government or Agency.

Using A Reverse Mortgage for Freedom, Life, Liberty and the Pursuit of Happiness





Using A Reverse Mortgage for Freedom, Life, Liberty and the Pursuit of HappinessAs 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.

Use a reverse mortgage to  feel more free, have choices, or pursue a better retirement lifeI’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:American Flag represents freedom and independence; a reverse mortgage provides financing for freedom and independence in retirement
    • 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.

The equity in your home can provide security, independence, dignity and control through a reverse mortgageA 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.

While watching fireworks, consider how a reverse mortgage may provide freedom, life, liberty and the pursuit of happiness during retirement years.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:

Blog posts’ information is current as of date post published, program is subject to change in in the future. Contact us for current information, 651-762-9648.

This site or the information provided is not from, or approved by, HUD, FHA, or any US Government or Agency.

© 2014 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://rmsidac.com/?p=4308

Related articles:

– See more at: http://rmsidac.com/beths-reverse-mortgage-blog/#sthash.X7efyTdj.dpuf

© 2014 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://rmsidac.com/?p=4308

Related articles:

– See more at: http://rmsidac.com/reverse-mortgages-offer-new-products-for-better-options-for-borrowers/#sthash.4OxwRx6J.dpuf

© 2014 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://rmsidac.com/?p=4308

Related articles:

– See more at: http://rmsidac.com/beths-reverse-mortgage-blog/#sthash.X7efyTdj.dpuf