Reverse Mortgage Loan Blog

Medical bills and health care in general can become expensive with age, making it difficult for seniors to support the medical attention they need. A reverse mortgage can provide you with the extra income to pay for your healthcare needs, while comfortably staying in your home. Money received from a reverse mortgage can be used in virtually any way you choose, from being able to pay off existing debts, finance home repairs and renovations to traveling or simply having the peace of mind of having extra cash when needed. For many, it provides the extra income to fund health care and pay for needed prescriptions.

A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income – without having to sell their home, give up title, or make monthly mortgage payments. A borrower may receive their funds in a lump sum, in monthly increments, as a credit line, or any combination of these options**. The loan only becomes due when the last borrower permanently leaves the home. Best of all, borrowers will never, under any circumstances resulting from the reverse mortgage, be forced to leave their homes providing they make their real estate property tax and insurance payments and maintain the home in reasonable condition. In addition, the repayment amount cannot exceed the current market value of the home at the time the loan matures.

Many seniors find themselves financially troubled because of persistent hospital bills that only increase with time.

“Due to very bad health in the last 3 or more years, all of my savings were depleted. I cried myself to sleep more times than I can count, wondering what I was going to do… how to pay the bills and still stay in my home. Now with Financial Freedom, I’ll still have my home and with the extra money I’ll be able to catch up my bills. I feel a lot better now. I can SLEEP for the first time in months and now I look forward to the next day,” explains a senior from Florida.

Similarly, a satisfied customer from California shares, “My husband is wheelchair bound and requires constant care. As the expenses of this care and just plain living grew, I realized we were in financial trouble. I heard about Reverse Mortgages and realized this would be the answer.”

Prescription drugs and other health necessities may be difficult to furnish, but essential to healthy living in your golden years. “With the reverse mortgage, I am free to purchase needed medications and special shoes I need because of deformed feet caused by Rheumatoid Arthritis,” reveals a satisfied borrower from Michigan.

Medical expenses can be a burden to seniors living on a fixed income like this borrower from Oregon, “Because of my husband’s medical expenses, we were getting more and more into debt. Living on a fixed income did not allow us to pay additional money to bring down our bills. We should not ask our children for help. This was a way to take care of ourselves once again.”

Funds from a reverse mortgage can supplement a tight budget due to a fixed income. “Without this reverse mortgage I don’t know what I would have done. It has made my living a lot easier and not having to worry if my Social Security would cover my living. It has been a blessing with having to pay the high cost of medical care I would not have made it. I can sleep at night knowing I can take care of myself,” a California senior explains with relief.

In Tennessee a reverse mortgage helped this couple achieve financial stability and enjoy their lives more fully. “My husband and I have both had some serious health problems. We took out a line of credit on our home to pay hospital bills and have money to live on. This reverse mortgage allows us to live a better life.”

If you need the extra income to fund your healthcare or prescription necessities or to simply live a more comfortable lifestyle give me a call and together we’ll decide whether a reverse mortgage is right for you.

*Consult your financial advisor.

**Not all products available in all states

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