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Financial Advisors, CPAs, insurance agents, real estate agents, estate planning attorneys, and in-home care providers in California need to know that there is a reverse mortgage alternative available.
The reverse mortgage alternative is called Equity Access. Equity Access provides monthly income to homeowners above the age of 60 (the youngest homeowner must be at least 60) in return for a share of the future value of the home.
Here are some of the features:
There are no closing costs to enter into an Equity Access Agreement
No debt is incurred with an Equity Access Agreement
The homeowner does not have to pay off their mortgage(s)
The homeowner decides how long they want payments for (from 10 to 25 years)
The homeowner decides how much equity they want to share
An attorney is required to review the Equity Access offer to protect the homeowner
There are no income requirements
Here are the factors that determine how much monthly income the homeowner can receive:
The age of the youngest homeowner
The value of the home
The amount of mortgage balance(s)
The type of mortgage(s)
How long they want payments
How much equity they want to share
All of this information is placed into the Equity Access calculator. The calculator then determines the monthly payment.
If the payment is less than what the homeowner would like, there are ways to manipulate the calculation. For example, the homeowner could agree to share a larger percentage of the future equity. Or they could shorten the term of payments to be received.
There's more details about the program I can provide, but that will be the subject of another post. As I stated in the first paragraph, there are several types of business professionals that need to know about this program. I encourage homeowners to meet with their trusted advisors before entering into an Equity Access Agreement.
Financial advisors can use this as a tool in helping their senior clients implement a financial plan for their retirement.
CPAs can advise their clients that are asking them how to make ends meet.
Insurance agents may be able to advise their clients how this tool can be used to pay for long-term care or life insurance.
Real estate agents can add value to their clients by letting them know that this reverse mortgage alternative exists.
Estate planning attorneys can incorporate this tool in setting up trusts for their clients.
In-home care providers can provide a referral to a mortgage broker who offers this product if they are meeting with potential clients who are concerned with the ability to pay for in-home care.
There are probably other professionals that could benefit from this information. If you know of a certain type I missed, I would love to know.
Which is better, a reverse mortgage or Equity Access Agreement? Like any financial tool, one product may be more suitable than the other. But it's nice to know that senior homeowners in California now have an alternative.