How Reverse Mortgage Loans Can Work As Future Insurancies

The financial situation of most seniors is, that the incomes are more or less fixed

, but the life expenditures will grow. These seniors, cash poor but equity rich ones, have their home equities as their only financial reserves. When the life expenditures grow enough many have to use the equities and why not, they are their asset, which they have paid during many years.

1. The Seniors Cannot Avoid Tax Increases.

The property taxes are the typical taxes, which the politicians raise every now and then. If a senior wants to live on his or her old home, he has to be able to pay the increased sums. If they are a little bit bigger ones, the reverse mortgage loans can form the only chance to keep the house.

It is useful to remember, that the lender will pay according to the instructions, which a senior has given, either as a lump sum, monthly payments, as a credit line or as the combination of some of these. A senior can restructure the reverse mortgage program later on, if his needs say so.

2.The Seniors Require Home Repairs Money.

The homes need repairs every now and then. It is wise to keep the properties in the good shapes, because this one of the important factors, how to maintain the property values. Usually these repairs are expensive, one shot expenditures, which can be easily covered by the reverse mortgage loans without any extra monthly back payments.

3. How To Cover The Sudden Medical Bills?

The seniors can never know, when and how big sudden medical bills will appear. Without the possibilites from the reverse mortgage loans it would be impossible to pay these bills, which in many cases are obligatory ones. I am sure you understand the insurance characters of the reverse loans.

4. What If One Of The Relatives Needs Money?

Again the same situation. Nobody can say, when, if ever, one of the relatives is in the situation, when he or she has not the money for the obligatory expenditures. These situations do not inform in advance, when they come. This is the reason, why it is important to own a reserve plan in the form of the reverse loan. It is like an insurance.

5. The General Inflation Goes Up.

The pensions seldom follow the general price increases, but are increased afterwards. In todays hectic economy the consumer price inflation varies a lot, but the incomes of the seniors do not. This sets the financies under the tough tests. But if the seniors have signed reverse loan plans with the credit line payment alternatives, they can have the money available if needed and they can use it as much is needed.

by: Juhani Tontti

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