Benefits for Loved Ones and Family

Reverse mortgages provide benefits not only for your parent(s) or loved ones, but for you as well. With a reverse mortgage, your family member may:

  • Hire in-home care to remain independent, rather than moving into costly assisted living or relying on family members
  • Eliminate their mortgage payment
  • Cover medical or prescription costs
  • Pay monthly bills or eliminate debt
  • Renovate their home or complete necessary repairs
  • Gain greater peace of mind in the face of uncertain financial markets

Best of all, your loved ones can stay in the comfort of their own home, benefiting from that home equity as long as they live.

Then, when family members leave the home permanently, you have several options:

  • You can choose to keep the home by refinancing the loan and/or paying it off
  • The home can be sold. And if the home sells for more than the cost of the loan, the estate’s heirs can keep the difference

In addition, if your family members’ loan was larger than what the home sells for, FHA insurance covers the difference. Which means neither they nor their heirs will ever owe more than the value of the home. And that’s the best of both worlds.

Is a Reverse Mortgage Right for You?

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