Reverse Morgage products have become a larger part of my practice as a Certified Mortgage Planning Specialist. While a reverse morgage is certainly not the only choice for seniors over 62, a reverse mortgage is something to consider. Please take a moment to read my personal experience with a reverse morgage. Email any questions on a Reverse Morgage. Reverse morgage products offer benefits to seniors that a traditional morgage can not and need to be a part of the morgage planning process.
While I recognize that there are many websites claiming to be reverse morgage "specialists" offering only the reverse morgage, I believe that is a disservice to my client. I will continue to offer traditional morgage products as well as the reverse morgage as I believe that offering only one type of morgage may not be the best answer to my client's situation. I prefer to look at the specifics of my client's situation and suggest the most appropriate solution. It may be a reverse morgage or it may not. Any morgage should be a solution to a problem, not a product to be sold. That having been said, lets look at what a reverse morgage really is.
Reverse morgage products are, at their most fundamental level, designed to allow seniors to maintain their independence with dignity. A reverse morgage allows you to use the equity in your home to maintain and even improve your lifestyle. A reverse morgage will NOT cause you to lose your home and I have used a reverse morgage many times to give seniors the ability to stay in their home when other alternatives have failed. Funds made available to you are not taxable and will not affect your Medicare eligibility. A reverse morgage can be an effective estate and financial planning tool that can be shown to increase the size of your estate as well as to reduce taxes on your estate. They do not require income, credit score, or health qualification but are based on your age and the equity in your home. More than anything else, a reverse mortgage can give you peace of mind by allowing you to maintain your independence.
There are several loan types available to you and one may be a better choice depending on your specific set of circumstances
Fixed rate Home Equity Conversion Mortgage. From the Federal Housing Administration (FHA)
Adjustable rate Home Equity Conversion Mortgage. From the Federal Housing Administration (FHA)
Home Keeper. This is from Fannie Mae
Cash Account Advantage. From Financial Freedom
I offer a printed side by side comparison of each of them so you will be able to see which option best meets your needs. The benefits can vary significantly between them and we want to be sure you select the one that most closely meets your needs. Please call (888) 648-1714 or email me to ask about this free no obligation analysis.
Learn more about Reverse Mortgage Myths
Learn more about their use as an Estate Planning Tool
Learn more about the use of a Reverse Mortgage for Long Term Care Planning
To learn more about this solution, please take a moment to view my Equity Income presentation