Here are some interesting facts to consider:
- People are outliving their money
- More people than ever have reached age 100
- Children helping Mom and/or Dad are spending in excess of $2,000,000,000 per month nationally for their parents' support and medical needs
- The loan is satisfied only when you have permanently left your home
- NO financial obligation to you/your family
What you can do with the equity:
- Pay off a current mortgage
- Purchase a long-term care policy
- Purchase an annuity
- Provide gifts to your children and/or grandchildren
- Purchase life insurance
When you obtain a Reverse Mortgage, you will be easing the burden your family would experience. While children are only too glad to assist Mom and Dad with their financial needs, without supplemental income for them, your children may be forced to delay saving for their own retirements as well as their children's college education.
Let us provide you with a free consultation to determine how a Reverse Mortgage can benefit you and your family.
- - You must be 62 years or older to qualify for a Reverse Mortgage
Disclaimer: This website does not claim to give legal or tax advice. As always, you should consult the advice of a knowledgeable legal or tax advisor you trust. All of this information is available at the public library.