I have written about Reverse Mortgages in the past, a refresher is always a welcome read. At last evenings workshop on Short Sales an elderly woman was sitting a few seats away from me. Not knowing her situation I managed to pass one of my business cards to her. She appeared lost and needing help. I can only hope that she picks up her phone and calls me to see if I could help her. I did not have the opportunity to talk with her.
With our aging population, loss of stock, 401ks..etc etc. The one asset they might still have is equity in their home. Seniors are getting inundated with mailers on everyone wanting to do reverse mortgages, I for one will not send out mailers. There is so much fraud out there I wonder how anyone would trust those mailers. I prefer to meet with them in person. I enjoy meeting them learning their stories of life and at times I become part of their family. For me it is giving back to those in need with care for their lives. I could write endless pages of stories of those that I have done reverse mortgages for and I doubt you would become bored by the stories as they would warm your heart!
If someone has at least 50% equity in their home they more than likely could do a reverse mortgage. If all the loan did for them was to pay off their current mortgage, they would never have a mortgage payment again in their lives. If they have more equity they could either take a monthly dollar amount, or choose a line of credit. I prefer the line of credit as they have access to however much money they would need at any given point. The unused portion of the credit line is paid interest which increases the credit line.
There is also a purchase program for reverse mortgages to where they can close on the home and never have to make a payment.
In my web page you will find an entire section on Reverse Mortgages to understand them better.
www.loansbypattie.com Check it out, educate yourself and then ask all the questions you need answers to.
Helping others is where we all need to be, Pattie