What’s with Seniors Why they are Afraid of a Reverse Mortgage
This is the 24 thousand dollar question? The only mortgage product that carries a 97% satisfaction rate and seniors are still not taking advantage of a program that can change their retirement years for ever.
Q: So Why is it that they still fear it?
A: Well the number one reason that I have found is they still lack the understanding of the safety of the mortgage. They listen to everyone in the media who says it’s bad!
Q: So why does the media say it is a bad program?
A: The media always plays their stories to the bad side of everything this is a Fact. Listen or Read a Newspaper or article how many times you really get good news on the front page or as a lead story. Bad News Sells this is the facts. The other issue is in most cases the person who is doing the story is not a senior who is in trouble financially or has seen their life saving disappear.
Q: So what makes this Mortgage have a 97% satisfaction Rate over other programs?
A: Well let’s look at the program and what it does for seniors that NO other mortgage or public program can do.
1. It allows a senior to use their number one asset and convert it into cash or credit line without having to qualify.
2. Once they have a Reverse Mortgage they never have to make a mortgage payment ever again in life.
3. They can remain in their home for the rest of their life; No one can ever take the home for failure to make their mortgage payment.
4. Having money to pay for necessities such as medicines, healthcare, even trips or just going to the movies if they wish. In other words More Freedom
5. The only requirement that they have to make is what they must do in any mortgage, Pay Taxes, Pay Insurance, live in their home and keep the up keep going.
Q: So how can a senior receive the money?
A: This is the best part the senior can choose to receive the money in a multitude of ways that they can change over time.
1. Such as first they can take all of the money at once.
2. They choose to have a monthly income for life and this does mean life until the last person dies or moves out of the home.
3. They can setup a credit line that keeps growing and never adds to the loan balance until the money is actually used.
4. They can choose any one of the different ways to control the money it’s up to the senior no one can tell them how or what to do with the money.
Q: What does it take to qualify for a Reverse Mortgage?
A: This is the easiest part for any senior! If a senior or couple they must be 62 years or older. They must hold title to the home it does not have to be free and clear but it should have at least 50% equity.
Q: Can the Bank take my Home?
A: No Plain and Simple the bank does not take title to your home you remain the owner at all times.
Q: What about my children or heirs?
A: This is a question that many seniors ask and the easy way to answer this is simple If you needed money and not just five dollars to pay for medical, taxes, or other large expenses would your heirs or children send or be able to send you the money just because you asked? Here is the answer to the 64 Thousand dollar question they are in most cases suffering the same financial issues as you and in some cases even more the economy has not chosen who to hurt it affects everyone in different ways.
Here my question to you the reader!
Q: Where is it written and who said that it is the responsibility of a parent to leave anything to their children or heirs? If you have this answer please post it so everyone can see that this is not nothing but a falsies. The only obligation that seniors have is to you; and to give yourself the life you worked their entire life for and not put a burden on anyone else financially. Now that does not mean they cannot ask or receive help from family for other issues if they take care of their financial lives and keep their heirs from incurring debt when you are gone. The Reverse Mortgage is the only NON_RECOURSE LOAN AVAILABLE
For more information on how a Reverse Mortgage can help go to the Reverse Mortgage GUIDE