Posted by: rgmorgan | February 4, 2014

We Can’t Afford That! Or Can We?

Many baby Boomers are now facing retirement. In some cases they want to sell their homestead and move to a smaller place or a warmer climate or to be near their Grandkids. Regardless of the reason they now face the dilemma of deciding what they can afford and in all too many cases are settling for less than they deserve. Part of the problem is they and in many cases their real estate agent are unaware of a great option for them. It’s a Federally insured loan program “HECM” which is actually a Revers Mortgage which can be used both as a source of taking equity out of your existing home or more importantly an excellent way to buy that home you want.

For years the term Reverse Mortgage was considered a dirty word. You heard this phrase and immediately a red flag popped up. Stories of people losing their homes or heirs devastated. Just like any other lending tool there were unscrupulous people quick to capitalize on a new “scheme” and take advantage of the uninformed. Look at what happened in the housing market just a short time ago. Was this caused by Reverse Mortgages? No of course not it was the greed of banks, builders and consumers. Regulation has eliminated some of the questionable lending tactics utilized during the boom. Likewise, more regulation has made Reverse Mortgages a safe and valuable tool for seniors wanting to live a more stress free retirement and increase their buying power at the same time.

I am not a lender so I will not get into how a Reverse Mortgage works but want all of my friends and clients to understand that it can be used for the purchase of a home and eliminate the monthly mortgage payment. Think about how this could make your retirement more enjoyable and stress free. As people retire they are in many cases relying on a fixed income to survive and a desire to keep the same lifestyle as before. Consider a Reverse Mortgage as one of the tools you can use to make this happen. It allows you many options when you decide to downsize or move into that dream retirement location.

I would be happy to discuss this further with any of you and also would be happy to put you in touch with an expert in the field of Revers Mortgages.

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