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Why a Reverse Mortgage Can Be a Senior's Best Friend

Reblogger
Real Estate Agent with Signature Realty Inc.

We've all seen the commercials for reverse mortgages and wonder what the benefits are. Check out this outstanding post about the top three benefits of using a reverse mortgage! Jennifer Provencio does an excellent job explaining this! And please make sure and stop by her blog to give her a thumbs up!!

Original content by Jennifer Provencio NMLS:1172220

Why would a senior want a reverse mortgage? There are so many reasons why, but let's start with the top three!

                                         

1. It will eliminate their current mortgage payment. Many seniors are struggling just to make ends meet. Many of them got ten year home equity lines of credit which are coming due, but now they cannot refinance because they do not have the income qualifications.  Getting a reverse mortgage and eliminating their monthly payment will help ease their stress and provide peace in their golden years!

2. In some cases they will receive a line of credit. The line of credit grows at their interest rate plus 1.25%! This is exponential! If they save that line of credit and let it grow and then take it out when they really need it, they will possibly have enough money to live on until they die. 

3. They can spend their hard-earned money the way they want to in their retirement. I have some clients who have not seen their children and grandchildren in years because they could not afford to travel. I have other clients who want to take that dream vacation. Others just want to be able to pay for their medications. Whatever their situation, they will possibly get the funds they need from a reverse mortgage.

 

For more questions, please contact Jennifer Provencio at 559-994-3692 in Fresno or anywhere else in California at 800-779-1851.

For more information on a Reverse Mortgage please feel free to contact me directly. I look forward to hearing from you!

Jennifer Provencio

559-994-3692

800-779-1851

jenpro@me.com

Posted by

                                        

Kimberly Johnson, REALTOR®                               

954.464.9328
JohnsonTeamFL@gmail.com
JohnsonTeamFL.com

Realty Associates of Florida
7401 Wiles Road, Suite 242
Coral Springs, FL 33067

                                               

Comments (7)

Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Colorado Broker / Referral Services

AFter working just a few of these over the last couple years, it is really a very attractive loan for certain situations!!  Not all need it... but the few that I worked it with... wow, great for their needs!!

Jul 07, 2015 11:23 PM
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

I am so on the fence with this one.  I can not imagine leaving my children with a mortgage instead of an inheritance.

Jul 08, 2015 12:16 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Reverse mortgages are a great option for some, as long as they fully understand the terms and costs involved. I'm glad these products exist.

Jul 08, 2015 12:33 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

PS: thanks for re-blogging this - I would have missed it.

Jul 08, 2015 12:34 AM
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Kim Johnson Thanks for reblog on reverse mortgages.  Good news for all.

i will visit Jennifer's site.

Jul 08, 2015 11:57 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Kim. Jennifer Provencio did a great job with this post, she is extremely knowledgeable about reverse mortgages.

Jul 08, 2015 07:09 PM
Jennifer Provencio
San Diego County and Central Valley - Oceanside, CA
The Reverse Mortgage Speciailist

Kim Johnson Thank you for reblogging. Have a wonderful day!

Jul 09, 2015 01:34 AM