There are many reasons why a senior home owner might be looking at an option of the Reverse Mortgage...
Many people think it is solely for the use of a senior that is low income and in need of more income. This is a use, but there are many other ways that one can take advantage of the Reverse Mortgage. Some of these include:
Happy to discuss your ideas....
Brian
Many people think it is solely for the use of a senior that is low income and in need of more income. This is a use, but there are many other ways that one can take advantage of the Reverse Mortgage. Some of these include:
- Debt consolidation - consolidate mortgage and consumer debt into a mortgage that has no monthly payments.
- In Home Assisted Living - Generate monthly income to pay for in home assisted living, adding no more to monthly debt payments.
- Supplementing income - Some may have periods here and there when they fall a bit short on income. They can use the equity line piece of the reverse to fill in this short fall.
- Purchase a home - A Reverse can be used to purchase a home. This is usually in the case of the senior home owner needing to downsize and not wanting to use all of their funds from the previous house for their new purchase. They can conserve funds and still have a mortgage with no monthly payments. Seniors with good cash reserves can also look at purchasing a home with these reserves
- Purchase a vacation or rental property - The Reverse Mortgage needs to be on your primary residence, but some have used funds from this to then go purchase a vacation or rental property now having two properties with no monthly mortgage payments.
- Help family members - Senior home owners can can assist children or grandchildren purchase a home or whatever needs they may have, while not increasing their monthly debt payments or having to go to savings .
Happy to discuss your ideas....
Brian
No comments:
Post a Comment