Maximize Your Home Equity With A HomeSafe Reverse Mortgage

“All you need is the plan, the road map, and the courage to press on to your destination.
– Earl Nightingale 

Considering a reverse mortgage?

Seniors ages 62+ can now access significantly more home equity than the HECM loan limits allow with a HomeSafe Reverse Mortgage, which could lead to funding a more comfortable and secure retirement.

HOMESAFE ADVANTAGES 

There are a number of significant advantages with a HomeSafe jumbo reverse mortgage, including the proceeds being tax-free with a lower-than expected competitive, fixed interest rate and more:

  • Loan limits of up to $4 million —significantly higher than a HECM allows
  • No mortgage insurance premium
  • Borrowers have the Flex1 option to receive part of their proceeds as monthly term payments (over a 12-60 month period), or as a lump sum
  • Condominiums appraised at $500,000 or more do not require FHA approval
With this new proprietary and powerful retirement financing tool you can use the proceeds as you choose. For example:
  • Pay off existing mortgage debt, have no monthly mortgage payments and improve cash flow
  • Preserve invested assets
  • Cover medical or in-home care expenses
  • Refinance an existing reverse mortgage to access a larger pool of funds

Contact me to learn more about the HomeSafe jumbo reverse mortgage  and how it might help you with your long-term retirement strategy.

When Aging Parents Need Help

Never give up, for that is just the place and time that the tide will turn.” – Harriet Beecher Stowe    

CARING FOR AN AGING PARENT

Many aging parents would like to maintain a level of independence for as long as possible and more and more seniors are wanting to age in place.

This is understandable but it’s not always easy if caregiving or assistance is required.

Caregiving has changed quite a bit over the years with technology playing a bigger role when it comes to immediate help (i.e. medical alerts) but for senior’s children or other family members it can be difficult to know where to turn for the basics and for different types of assistance.

Help is there though for everything from non-medical assistance home care to short or long-term home healthcare.

Senior Concierge Services

One solution is a “senior concierge.” If an aging parent does not require medical assistance but needs help with tasks such as grocery shopping, meal preparation, transportation to appointments, etc., a senior concierge service can be an ideal solution.

Senior concierge services provide a full range of personalized services based on the individual client’s non-medical needs.

Asking for help might present a challenge for an aging parent and language can make a difference. Senior concierge certainly has a nicer ring to it than a geriatric care manager making it a little easier to get over any initial resistance.

Home Healthcare 

Some families might find themselves in situations needing more assistance than a senior concierge can provide. In these cases a home healthcare professional may be required.

The demand for home healthcare workers is growing significantly as the number of seniors hoping to age in their own homes continues to increase.

Fortunately there is no lack of agencies, from national to local service providers, who will screen, hire, bond/insure, pay the salary and replace the employee if necessary. You can also hire someone directly via word-of-mouth referral or leveraging online resources.

Family Support 

A family might decide to take on their loved one’s care on their own and simply need some support from someone that can relate to what they are going through.

There are a number of support networks out there such as the Family Caregiver Alliance.

The Health and Human Services website in your city or county is also a resource for finding caregiver support, as well as a local senior center.

Regardless of what level of support or assistance you or your family members need, you are not alone and there are many avenues available to get help.

Would you or a family member like to learn more about paying for a senior concierge or home healthcare with a reverse mortgage? 

Contact me to have a conversation or to set up a complimentary personal assessment.

Reverse Mortgages: Myths vs. Realities

“What you do today can improve all your tomorrows.– Ralph Marston

REVERSE MORTGAGE MISCONCEPTIONS 

A reverse mortgage can be an effective retirement planning tool to increase your income streams using one of your largest assets: your home.

Yet many eligible seniors avoid reverse mortgages or are not inclined to consider them due to the many misconceptions that exist about these types of loans.

Let’s tackle a few of the common misconceptions: 

Myth: The lender takes title to the home.
Truth: You still retain ownership of your home. The reverse mortgage is only a lien against the property.

Myth: The loan can exceed the value of the property, sticking you or your heirs with a large bill when you eventually leave your home.
Truth: A reverse mortgage is a “non-recourse” loan, which means that you, your heirs, or your estate will never owe more than the appraised value of the home at loan maturity.

Myth: You can’t get a reverse mortgage if you currently have a conventional mortgage.
Truth: Although this is true, you can get a reverse if you use the proceeds to pay off your existing mortgage at close.

Myth: A reverse mortgage can cause you to be evicted from your home.
Truth: You leave your home when you choose. No one will force you from your home. The reverse mortgage is not due until your home is no longer your primary residence.

The Reverse Mortgage: not your typical loan

One of the biggest advantages of a reverse mortgage is that unlike conventional mortgages, there are no payments involved.

Instead, the lender makes payments to the borrower either through a lump sum, monthly payments, or a line of credit.

Financing home healthcare with a reverse mortgage

More seniors in the US are opting to stay at home and age in place and face the financial challenge of paying for home healthcare, which can be quite expensive.

Medicare and Medicare supplements are frequently used by seniors or their family to cover these costs but it’s often not enough.

A reverse mortgage could be the ideal solution it help ease the financial burden of in-home healthcare. Learn more in my new email covering home healthcare: https://bit.ly/2tRTEIF 

 

How to Finance Aging in Place Renovations: A Fully Accessible Guide

The majority of people ages 65+ are preferring to stay in their homes as they get older.

This popular alternative to relocation is known as aging in place and typically requires some retrofitting of your home to accommodate growing older.

Here’s a practical guide on the ways to finance aging in place renovations, including leveraging a reverse mortgage:

https://www.bankrate.com/loans/personal-loans/aging-in-place-renovations/

Rightsizing with a Reverse Mortgage

Moving into a new, smaller home with a reverse mortgage can be an ideal way to “rightsize” your life.

See my latest email on rightsizing and download the Q&A for more information:

https://bit.ly/2yGqlxP

Turning millennials into homeowners with reverse mortgages

As more parents are helping their children become homeowners, reverse mortgages are being recognized as a way to accomplish this but with fewer roadblocks.

It’s becoming more challenging for first time homeowners to quality for much money with interest rates increasing and the benchmarks getting higher.

A reverse mortgage is a way to get this younger generation into news home quicker without costing them or their parents any cash and enables the parents to keep their investments and have a guaranteed flow of income to support their lifestyle.

https://bit.ly/2KBJNNd

Supplementing social security in retirement. A reverse mortgage could be an ideal solution.

Social security supplements around 40% of a retiree’s average income in most cases, leaving two options for your retirement years – reducing your standard of living significantly or finding ways to create additional income from other sources.

There are a few strategies to supplement social security including a reverse mortgage. Reverse mortgages can provide a strategic solution to create income leveraging the equity on your home.

Check out this overview on 5 Income Strategies to Supplement Social Security highlighting reverse mortgages as a smart method to create income stream without touching your retirement nest egg:

https://bit.ly/2IzY3W5

The new normal: Carrying debt at age 75 and up

According to some new research from the Employee Benefit Research Institute the percentage of older individuals with debt has been increasing over the past 10 years, in particular for those 75 and over.

The group issued a new analysis of Federal Reserve figures showing that close to 50% of retirees ages 75 and up now have some loans outstanding – up from 25% back in 1992 – with the most significant debt increases coming among lower-income seniors.

The median debt owed by this age group ($20, 900) is below the average debts owed by Americans at younger ages. Yet debt can be a significant issue for the 75+ community considering the lack of opportunities to boost their incomes.

This article examines what’s causing this debt trend, the consequences and points out some solutions including reverse mortgages to help lock in some steady income during retirement years.

https://bit.ly/2Iy8Nse