The most important part for the elderly parents is that it is about them and what they want or need. I get too many comments from relatives, children and grandchildren that are only worried about their lessened inheritance. That they might not inherit the home. Some don't think there parents need to take a trip or go see places. They are more concerened that they get the money or the home. They sometimes forget about the elderlies quality of life and only care about there own. I have a couple that dropped their life insurance, medicare suppliment, and decided not to get a new car. Instead they are keeping their 15 year old car....because their daughter told them not to do it!
Just to recap: What does one need to qualify for a Reverse Mortgage.
Age 62
current apprased value of home
current interest rate.
The Benefits:
No monthly Mortgage payments.
No Income qualifications.
Loan Proceeds may be tax free. (You don't pay tax on money you borrow).
Neither you nor your Heirs will owe more than your homes appraised market value at the maturity of the loan.
You decide how you would like payments, lump sum, line of credit, monthly payments, or a combination of these. You can even take a lump sum to pay off the existing mortgage, get a new car, travel, or pay off medical expenses.
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