One of the most common times during the year that I get phone calls from adult children requesting information about reverse mortgage is right after Christmas. The holidays can be a time of insight for many who have elderly relatives. It is not uncommon for adult children to live a distance from their parents, making it easy to get buried in their own lives and worries, not always aware of the struggles their parents are facing.
Sometimes it’s the realization that their parent’s home is falling apart and in need of many repairs. Or it could be that they never knew before exactly how hard it is for dad to get up the stairs. Or the worry that after dad passed, mom is struggling financially more than anyone realized. There are lots of reasons for concern – and sometimes reverse mortgage can be the answer. When considering aging in place versus moving to assisted living, the first question I almost always ask is: what does the parent/elderly relative want? From there, considering things such as the ability to take medication, ability to get around, possible complications such as Parkinson’s or Alzheimer’s, and location of the home are always great next questions.
Reverse mortgage is a great method to finance in-home care to avoid nursing homes, pay for medical care, or even fund home modifications. For seniors who are looking to situate long term and prepare to live their senior years in their own home, a move to a new residence closer to family or more suited for senior life may be in order. The Reverse Mortgage for Purchase is a perfect option for these situations. Reverse Mortgage for Purchase allows the purchase of a new residence using a reverse mortgage while still employing the perks of a traditional reverse mortgage – living mortgage payment free. In addition, reverse mortgages do not affect social security, pensions, or Medicare – and the money is tax free.
Both Reverse Mortgage for Purchase and traditional Reverse Mortgages are available to seniors 62 and over. The borrower will live mortgage payment free, retain the title to the home, and will never be forced to leave. Just as with a home owned free and clear, the homeowner will still be responsible for property taxes, homeowners insurance, HOA fees, utilities, and general upkeep. Even married couples can both be on a reverse mortgage and the loan doesn’t come due until the last borrower permanently leaves the home.
Brenda Bejarano is a Reverse Mortgage Specialist serving the Dallas, Fort Worth, Plano, Richardson, McKinney, Frisco, Hurst and Bedford areas of Texas. Click here to contact Brenda and learn if a reverse mortgage is right for you.