10 Popular Reasons for Obtaining a Reverse Mortgage. (At least in my experience!)
- Eliminate Monthly Mortgage Payment
- Replace Investment Income Lost Due to Market Performance
- Supplement Inadequate Retirement Income - It is amazing how many senior homeowners are trying to make ends meet on less than $1300 a month!
- Repair and complete Deferred Maintenance on an Older Home.
- Help Out Family
- Set Up Credit Line For Future or Immediate Replacement of Lost Income Due to the Death of Spouse.
- Payoff Other Debts (Credit Cards, Automobile Payments)
- Set Up Credit Line to Fund In Home Health Care.
- Large Purchase - Vacation Home, Investment Property, Motor Home, Car
- Remodel & Add On to the Home.
Thanks for the reminder! One of the newest reasons to get a reverse mortgage. Buy A New Home with No House Payments!
Reverse Mortgages are a financial tool designed to address cash flow. This tool can be used for all sorts of reasons, some good and some poor. Be sure to discuss your plans with a knowledgeable financial advisor well versed in the reverse mortgage product, who understands your goals and financial situation. For information about impartial 3rd party reverse mortgage counseling please link to HUD's HECM Counseling Page - http://www.hud.gov/offices/hsg/sfh/hcc/hccprof18.cfm
Deborah Nance, Reverse Mortgage Professional for Corona, the Inland Empire and Southern Californa.
Hi Deborah, This is a good list. I am just about to do my first sale with a reverse purchase mortgage. Two of the lenders I work with regularly now are becoming experienced in them, and they are great for older folks who are downsizing. After seminars from both lenders and going through the counseling to learn more, I am eager to use this tool whenever appropriate.
Hi Susan! That is fantastic - I am excited about the HECM for Purchase. For me it takes me back to my days in real estate working with buyers, sellers and agents. Isn't it amazing to think someone can buy a new home, get a mortgage and have no house payments with no income or credit requirements. All the best to you!
I'm heading up to Sacramento next week to visit our Genworth Financial Home Equity Access, HQ... I won't be too far from you! It's cool to see how Active Rain is bringing me contacts all over the state.
Deborah, excellent information. This is a new area for me so I really appaeciate your posts.
Hi Deborah, Good post. Thanks for sharing.
Best - Sash