As it costs more and more to live every day and seniors on a fixed income are especially hard hit, a Reverse Mortgage may be an option worth considering. The funds from a Reverse Mortgage can be used for any purpose; in home/out of home health care, medical costs, everyday living expenses, home improvements, etc., the options are endless. And most Reverse Mortgages (HECM's) are government insured.
A Reverse Mortgage converts a portion of the equity in the home into tax free funds and re-payment is not required as long as the home remains the senior's primary residence. In the case of a couple, as long as one of them remains in the home no payment or re-payment is ever required.
To be eligible, the customer only needs to be 62 or older & own their home and have at least 50% equity in it.
There are NO income, credit or health requirements.
Some of the benefits are:
-The funds received from a Reverse Mortgage are tax-free, as they are proceeds from a loan, and do not affect Social Security or Medicare benefits. Also, they will not affect Medicaid benefits as long as certain criteria are met.
-Ownership stays with the customer
-The senior is never forced to move, even if all of the funds are exhausted
-There are never any out of pocket costs to the estate/family/heirs
-Funds from the Reverse Mortgage can be used to protect other assets/investments
If anyone has any questions or would like to discuss in more depth, please contact me. I am local to central Maryland.
Thanks very much,
John Giuffrida
800-494-8029
johngiuffrida@championrealtymortgage.com