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Need Home Modifications To Age In Place? A Reverse Mortgage May Help
Most seniors want to stay in their homes and remain independent yet often believe they can’t for a number of reasons. Making some home modifications could make their wish of remaining in their home a reality by providing a safer more comfortable environment. More than one third of those age 65 and older suffer injuries from a fall each year according to research from the National Center for Injury... [Read more]
Can’t Afford To Retire? Maybe There’s An Answer!
With mortgage payments due, retirement funds decreased or decreasing it is harder for seniors to retire. However, there may be the option to retirement. Working a 40 hour week at a very physically demanding job, Len continued to work in order to cover their mortgage payments. After hearing about a reverse mortgage, they contacted me, got educated with the facts and decided to proceed. Once their... [Read more]
Should One Refinance Their Reverse Mortgage?
Current reverse mortgage borrowers are receiving letters encouraging them to refinance. Even their monthly statements are encouraging them to look at refinancing. While refinancing a reverse mortgage is an option, let’s explore whether it should be considered. Just like refinancing a conventional, or what we call a forward, mortgage borrowers consider refinancing a reverse mortgage when they... [Read more]
My Reverse Mortgage Funds Are Used… Now What?
A question on a recent post was “What happens when a borrower uses all the funds or out lives the money? This happened to a woman and then she had to pay rent she didn’t have.” The first part of the question is common and shows the continued need to clarify the many misconceptions and lack of understanding of reverse mortgages. The second part of the question demonstrates confusion... [Read more]
Using The Reverse Mortgage As A Tool To Strategically Manage One’s Assets
Dorothy closed on her reverse mortgage in 2006. Now four years later during a presentation where she joined me at a Minnesota senior resource fair workshop , she shared how the reverse mortgage has been a tool to strategically manage her assets and the benefits she has received from her reverse mortgage. Here’s what she had to say. “I have a single family residence and have lived there for... [Read more]
