REVERSE MORTGAGES
Reverse Mortgages are a great way for Seniors to do one or two things.
1) Eliminate their monthly mortgage payment
2) Access Equity from their home without a payment
But what would the reasons behind this decision be. There are a few:
Need - some seniors need to do a reverse morgage to access cash for one-time or monthly expenses or to eliminate the expense of a monthly mortgage payment.
Desire - some seniors use equity in their home via a reverse mortgage without a payment to purchase a second home or R.V., join a country club, etc.
Legacy - some seniors help children/grandchildren, churches, alma maters or other beneficiaries immediately, instead of waiting until their death.
Whatever the motivation, Reverse Mortgages are Government-backed, well-defined and available to Seniors regardless of their age, income level, credit or debt. This is because payments are not required. And getting one now is a great time while rates are so low. Reverse mortgages are for owner occupied properties only and there must be equity of approximately 40% or more, depending on age.
Call me if you have questions or concerns for yourself or your parents. Inquiries form Financial Planners, Attorneys, CPAs and other advisors are welcomed.
Brent Wood
702-629-9555
bwood@allwestern.com
