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A Guide To Aging In Place
Learn How To Use A Reverse Mortgage To Buy A House
See the Top 10 Home Improvements for Seniors
Find Out What The 2008 COLA Increase Means To You
Just The FAQs: Answers to Common Questions About Reverse Mortgages
See the Top 10 Reasons Seniors Get Reverse Mortgages
See the Top 10 Myths About Reverse Mortgages
Learn About Using A Reverse Mortgage As An Estate Planning Tool
Learn About Reverse Mortgage Safeguards
Learn About Pros and Cons of Reverse Mortgages
Using Reverse Mortgages For Health Care
Reasons for a Reverse Mortgage
Across America, more and more seniors are getting a reverse mortgage to help them enjoy their retirement years. What are the main reasons seniors list for getting a reverse morttgage? According to a recent survey by AARP the top 10 reasons that seniors get a reverse mortgage range from home repairs to buying long term care insurance. Learn how you can qualify for a reverse mortgage by calling today!
Top 10 Reasons Seniors Get A Reverse Mortgage
- Pay off mortgage (20%)
- Home repairs/improvements (18%)
- Improve quality of life (14%)
- Everyday expenses (10%)
- Emergencies/unexpected (9%)
- Pay off non-mortgage debts
- Health or disability (5%)
- Property taxes/insurance (5%)
- Financial help to family (2%)
- Investments, annuities, or long-term care insurance (1%)
Source: AARP
The current economic environment has caused some senior homeowners to miss a payment and become late on their mortgage at least one time over the last year. Many are unaware that there are government insured programs for seniors age 62 and over that are designed to alleviate the financial burden of a forward mortgage called Home Equity Conversion Mortgages (HECMs).
As of June 2008, FHA-approved Mortgage Lenders have originated Reverse Mortgages for 73,875 (Source: NRMLA) homeowners age 62 and older.
With more people turning 62 every day, the number of people who are getting a reverse mortgage is expected to increase substantially over the coming years.
Call now to begin the process of getting your reverse mortgage started!
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