As the cost of healthcare and living expenses continue to rise, many seniors are finding themselves in need of additional monthly financial support to maintain their quality of life. One option that more and more seniors are turning to is the Reverse Mortgage.
Here are some facts about why seniors are becoming excited about the Reverse Mortgage loan product:
- According to a study by the National Council on Aging, 70% of seniors aged 65 and older have little to no savings and are living on fixed incomes;
- A Reverse Mortgage allows seniors to access the tax-free equity in their homes in the form of a lump sum payment or regular payments to supplement their income;
- Reverse Mortgages do not require monthly mortgage payments, making them an attractive option for seniors on fixed incomes; and,
- The tax-free funds from a Reverse Mortgage can be used for a variety of expenses, including healthcare costs, home repairs, or simply to take a much-deserved vacation.
If you or a family member are 62 or older and are looking for ways to improve your financial situation, a Reverse Mortgage loan might be the answer.
Contact Michael Pankow, NMLS# 220611, at 916.296.7765 for more information and guidance on how a Reverse Mortgage could benefit you.
