3 Reasons to get a Reverse Mortgage

“Your present circumstances don’t determine where you can go; they merely determine where you start.”- Nido Qubein

THE MOTLEY FOOL
3 Reasons to Get a Reverse Mortgage

In a recent article, The Motley Fool contributor Maurie Backman talks about reverse mortgages and highlights 3 reasons for considering this strategic financial tool.

As she notes in the article, seniors today face a number of financial challenges when it comes to retirement.

However, there is one important asset that older Americans can tap into to help – their home equity.

Reverse mortgages enable you to stay in your home and leverage the equity you’ve built up. And unlike traditional loans where you make monthly payments, with a reverse mortgage you only repay the principal and interest once you sell or move permanently from the home.

3 Reasons Why it Could Pay to Get a Reverse Mortgage
from Maurie Backman

1. YOU NEED MONEY BUT DON’T HAVE GOOD CREDIT 
If you need money and don’t have the best credit score, a reverse mortgage can be an ideal solution, since it doesn’t take that number into consideration. Instead, eligibility is based on having equity in your home, and if that equity is there, you’re likely to get approved.

2. YOU WANT FLEXIBILITY WITH YOUR MONEY 
You can use a reverse mortgage to pay for basics like heat, food, electricity, and a host of other expenses that have nothing to do with your home. You can even use that money to travel, if that’s something you’d like to do!

3. YOU WANT A LOAN WITH FLEXIBLE REPAYMENT TERMS 
Unlike a home equity loan, with a reverse mortgage you don’t need to repay until you move out of your home, sell your home, or pass away. Then your heirs can sell your home to satisfy that obligation.

Requirements for a Reverse Mortgage

  • Be at least 62 years old
  • Have sufficient equity in your home
  • Live in the home as your primary residence
  • Have a home that meets HUD standards
  • Not be delinquent on federal debt
  • Participate in a HUD-approved counseling session
  • Be able to keep up with taxes, insurance, HOA payments and home maintenance

SEE FULL ARTICLE 

Neuroscience and Aging with Vitality and Happiness

“A smart person knows how to talk. A wise person knows when to be silent.” – Roy T. Bennett

WHAT NEUROSCIENCE CAN TELL US ABOUT AGING BETTER

When you think of old age, what comes to mind? Slowing down? Being forgetful? Not feeling quite as sharp?

Jill Suttie of Greater Good Magazine recently sat down with neuroscientist, Daniel Levitin, to talk about what neuroscience can teach us about aging well with more vitality and happiness.

Levitin is a neuroscientist, psychologist, professor emeritus at McGill University in Montreal, and faculty fellow at UC Berkeley. In his book, Successful Aging: A Neuroscientist Explores the Power and Potential of Our Lives, he gives insights into how early childhood experiences, personalities, social relationships, and lifestyles all directly contribute to a brain’s development, thus taking the task the misconception that cognitive decline is inevitable in older age.

He argues against ageism and for the need to change the conversation about aging and the importance of placing more value on older adults for their experience and what they can contribute to society.

Levitin also shows us what we all can do to become sharper, happier, and wiser as we age.

CLICK HERE see an edited version of their discussion and get tips for aging well from Daniel Levitin.