One of the most common questions I get as a Reverse Mortgage Loan Consultant is about how you can use it to your benefit. The following are just a few examples of why some people turn to reverse. Who do you know that is facing simliar challenges?
A reverse mortgages can provide extra needed income.
A 75 year old widow has a $12,000 annual income from Social Security and pension benefits. Although this was sufficient income initially, over the years some unexpected expenses have caused her to cut back on some essentials and pay for other items on credit cards. She would like to pay off her credit card bills that have grown due to her income not meeting her monthly expenses.
With a reverse mortgage, she would be able to receive additional monthly income without incurring additional mortgage payments or putting her house on the market. Her home could additional monthly income that would allow her to pay off her credit cards, replace her car or pay her annual property taxes that she can no longer afford.
A 76 year old husband and his 74 year old wife bought their retirement home in Las Vegas and have lived there for 9 years. Their combined income is $22,000 annually from Social Security and pension benefits. This is sufficient income to cover their expenses and a few extras, but now the house needs some major work. The air conditioning needs to be replaced and some plumbing work is needed. They do not like the prospect of incurring additional credit card debt and the extra monthly payments. With a reverse mortgage, they would be able to receive the money they needed without incurring additional payments.
Reverse mortgage can provide funds to choose quality care environment for spouse.
An 82 year old man has been caring for his 80 year old wife who has been suffering from Alzheimer’s disease for over a year. Even though he has assistance from family, friends and professional caregivers, he is increasingly concerned for her safety since he is unable to provide the level of care she needs around the clock. Upon the advice of her physician and with the support of their children, he is considering the option of having her live in a secure Memory Care residence where she will receive the 24-hour care and supervision she requires. However, their monthly income is currently not enough to cover the additional expense. His only option would be to sell the home and move in with their son to be able to pay the monthly fee for her to live in a safer environment.
With a reverse mortgage, he would be able to turn the equity in their into a line of credit. The money from a reverse mortgage could make it possible for the husband to choose a quality Memory Care community for his wife without having to sell their home.
These are common examples of why people turn to a reverse mortgage. I can discuss your specific circumstances and provide you with a personalized analysis. Education is critical and I am committed to helping seniors make informed decisions. I invite you to call me for an in home visit or to meet me at your local branch office. I can be reached a 541-955-4518 or at www.nadinepetel.com and visit our affiliated professionals at www.senioralliance.org