Which mortgage is right for me?

Reverse mortgages are right for seniors who need:
Supplemental Income
To Make Home Repairs
Pay Off of Existing Mortgage
Extra Money
To Help Relatives
To Help a Spouse in a Nursing Home
In-Home Care
To Pay Off Property Taxes
To Buy That Retirement Home
To Save a Family Home from Foreclosure

Supplemental Income:
The number one reason seniors take out a Reverse Mortgage is to supplement their retirement income. For many seniors, Social Security is their only source of income. Others have small pensions that have truly become insignificant after countless rounds of inflation. Today, many senior couples are living in their own homes on less than $1,000 per month and for many singles, the amount is under $600. For them, a reverse mortgage is the best option.

There are also a large number of people who are “getting by” on a month to month basis. However, they are not able to handle setbacks involved in owning and maintaining a home. When furnaces break down, the paint starts to peel, water heaters go out, the roof needs repair or the property taxes are due, there simply is not enough money in the budget.

Pay Off of Existing Mortgage:
Many people take out 30-year loans for new homes after reaching age 50. Trying to make a mortgage payment of even $300 to $500 per month on a fixed retirement income is a burden for many seniors.

Helping Relatives:
Often times a client wants to help their children or grandchildren. Maybe help a daughter buy a condominium nearby. By taking out a reverse mortgage, you will be able to give your daughter the down payment. A fringe benefit of this is that you will now get to see your grandson/granddaughter more frequently since they live so close by.

Many clients choose to use a portion of their funds to help their college-aged children with tuition and books. 

In-Home Care:
Keep your loved ones close by accommodating to their needs and making your home more wheelchair-friendly and provide enough funds to provide in-home care for a loved one. 

Property Taxes:
The tremendous increases in home values in some parts of the country have led to massive property tax increases. Until recently, many seniors simply could not afford to pay their taxes and were forced to sell their homes. Now, with the help of a reverse mortgage, the additional funds help cover those costs.

* Consult your tax advisor


Click here to go to our Step-by-step page or learn about the different mortgages available in our Reverse Loan Types section.