- Is the client planning to remain in their home?
- Do they currently have a mortgage payment? For how long?
- Do they have other real estate assets in their estate?
- Is there a benefit to using the equity to increase tax free cash flow?
- Do they have long term care insurance?
Whether the goal is to augment income, pay for long-term care insurance, or just to enjoy their retirement years; a reverse mortgage Loan may be the key to unleashing their home equity to secure a well-planned retirement.
A Reverse Mortgage Loan provides the following features that aide in estate-planning:
- Provides funding for home health care or medical treatments.
- Provides funding for long term care insurance products.
- Provides funding for real estate taxes, homeowners insurance and upkeep.
- May reduce the impact of and provides funding for estate taxes.
- May be used to maximize legacy asset transfer.
By Deborah Nance
Your Local Southern California Reverse Mortgage Professional
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iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin.
Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.