Reverse Annuity Mortgages - Are we in this business just for the money?
First of all I am in this business to make a living, but I am in the business to find people a comfortable place that fits their needs for their family.
The financial pressure has hit the majority of this country over the past few years. The Senior on fixed incomes are at a major dilemma in their lives not knowing what to do next. They are well enough not to go into a Nursing Home facility yet, but don't have the financial resources to stay where they are currently at.
It would be fantastic that a mortgage consultant get on an agenda at an association meeting in the senior communities and the topic being Reverse Annuity Mortgages.
Senior are scared and they need to have someone on their side and to be able to explain to them and their family this option. Being terrified is not what should happen after all the years of work and now should be able to enjoy their retirement.
Reverse Annuity Mortgages - They allow an elderly person to live off the equity when their house is paid in full. The Homeowner would enter into a reverse annuity mortgage agreement with a financial institution which would guarantee a life long fixed monthly income. The owner/s would gradually give up ownership of the house but allows them to stay there with not having the financial burden. When the owner/s passes away the lender gains the title to the property, which it can then sell to offset any outstanding remaining claim.
This may not be for everyone, but it does give the elderly another option, as statistics do show that they live much longer under the comfort of their own home. Doesn't it make sense to assist them through this process. It will make you feel better, and again we should not be in this business just for the income.
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