Is a Reverse Mortgage Right for Your Senior Family Member?
As a family member of a homeowner over the age of 62 you may be wondering how to get more information on the pros and cons of a reverse mortgage. If you have a family member who paid off their mortgage or still has a mortgage, and they currently live in their home, they may be eligible for a reverse mortgage
When a senior takes out a reverse mortgage they remain the owner(s) of the home. They are borrowing against the equity in their home and unlike other loans, no monthly payments are due until the homeowner passes away, moves out or sells their home.
Your family member can receive fixed payments, a lump sum payout, a line of credit or a combination of these three payment methods. The money they receive is income tax exempt. These funds can help them to stay in their home longer, cover expenses, and provide peace of mind and security without the worry of not having enough money to survive.
Though no mortgage payment is required, the senior must continue pay property taxes and homeowners insurance. Depending on their unique situation, a reverse may or may not be the right choice. An Allwest Reverse Mortgage Specialist can objectively discuss pros and cons to help determine if this is a good choice.
If you would like more information about reverse mortgages and how they can help your senior family member, please fill out the brief form below or call 800-409-0999 to speak with a reverse mortgage specialist today.