Do you want to Stay in Your Home?
Many seniors own a home which is appreciating in value. This appreciation can feel useless because it appears selling your home is the only way to get access to this money, but it is not. A reverse mortgage is a great tool for seniors who want to use their equity to be able to stay in their home.
What if a Senior Wants to Preserve Equity for their Grandchildren?
Many seniors biggest reason for not getting a reverse mortgage is they want to be able to gift the equity to their heirs when they die. With a reverse mortgage, seniors can access a part of that equity now to give an early inheritance to heirs or loved ones. This also allows you to stay in your home for the rest of your life without mortgage payments.
On top of this, heirs can refinance this mortgage and keep the house if they choose to. This eases any concern of losing a house that maybe the senior wanted to keep in the family.
How Long Do You Plan on Staying in This Home?
How long does the borrower plan on staying in their home? This is another important question to consider. Many seniors are very set on staying in their home and doing remodels to fit their changing needs. A reverse mortgage can help you acquire the funds you need to stay in your home.
Some seniors want to move out of their current home into a patio home or somewhere better for them. In this case a HECM for purchase could be something they use. Click here to learn more about the HECM for purchase option.