subject: Senior Reverse Mortgage As The Only Extra Income Source [print this page] Senior Reverse Mortgage As The Only Extra Income Source
As a senior you understand very well, that seniors have different rules in the life, because for them it is harder to create new income sources. That is why the senior reverse mortgage is one of the best ways to finance not only the sudden expenses, but in general the life during the golden years.
The senior reverse mortgage has now been on the market for over 20 years, so a senior has a lot of people, wha has experiences about these products and who can guide a senior, what to do. The senior reverse mortgage is a long term commitment, so a senior must have all the necessary information before he sign anything.
1. A Senior Can Think, That The Home Equity Is Like Savings In The Bank.
The equity has been built during the active years, when the senior was working and paying the mortgages. That was one way to save money safely. Now the time has come, when these saving has a destination, when the life expenses of the senior have risen permanently.
2. Before Taking The Senior Reverse Mortgage It Is Healthy To Think, Whether The Life Needs Something Else.
All bigger changes in life are good times to rethink the whole life. Would it be wise to take new seniors to the project to share the financial burden. The reverse mortgage rules say, that altogether 3 persons can be the borrowers, but all must be owners and fulfil the qualifications.
3. Nobody Will Ask, How A Senior Will Use The Money From The Equity.
The reverse loan will always be taken against the equity of the home, there will not be other guarantees. This means, that the income or credit score information will not be asked by the lender. A senior has not to report, how he has used the borrowed money and he or she cannot owe more than the value of the home.
4. The Old Home And Surroundings Have Value.
It would be easy to finance the needs by selling the old home and moving to some cheaper surroundings. However, the memories are valuable during the senior days and if a senior honestly thinks, that the old home is where he wants to live, then a senior reverse mortgage offers a good opportunity to follow the inner voice.
5. Who Can Guide A Senior?
The Federal Government has organized the counseling through a national network, where independent counselors offer help for a senior. These experts know everything about the financial challenges of the senior citizens and do not sell anything. It is wise to go through the financial needs and create a question list before going to meet the counselor.
