Who Should Get a Reverse Mortgage Loan and “Why?”
I find clients often worry about their heirs whenever they decide to move forward with a reverse mortgage, either because they wished to leave their home to their children or grandchildren or hoped that their children will be able to sell the home upon their passing and have enough to tie them over for a years.
I tell them that while that’s honorable, even selfless, it’s crucial that they retain a certain quality of life in their retirement. It’s great if their heirs are able to support them during their retirement, I am in the business of selling and a reverse mortgage is not always needed. However, what if their heirs are not able to support them during their retirement? A reverse mortgage is a possible solution to any present (future) problems that may arise.
I can’t think of any children or grandchildren that would want their parents or grandparents to suffer hardships or worse, foreclosure, just to keep a house. A house is a home to those who live there and they may not want to part with it while they live out their retirement. However, they may have to if they can no longer afford their mortgage. Be aware that with a Reverse Mortgage Loan you cannot lose your home under normal circumstances, but foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms.
In fact, my own grandparents obtained a reverse mortgage in order to pay off the mortgage on their condo in Miami Beach and still have enough funds in a line of credit for the proverbial “rainy day.” I am confident that the product is one that deserves a second look for any seniors who need a little financial help in the future.
Most importantly, now that the changes to the reverse mortgage loan have been implemented the reverse mortgage product is no longer considered a “loan of last resort” but a sound retirement planning decision. The new, improved product has made the reverse mortgage a more attractive option for investors hoping to tuck a away extra funds for the future.
There are many reasons to get a reverse mortgage. There is an abundance why you should and why you shuldn’t get a reverse mortgage. The catch is: why do YOU want to get a reverse mortgage loan?
Every case is different and comes with its own set of values so that, no one size fits all but when you find the right fit, it fits perfectly.
Interested in a reverse mortgage or simply want more information? Give PS Financial Services a call at (888) 845-6630 or via email at info@PSReverseMortgage.com. We do not pressure those who inquire. We are simply here to help.