As the cost of healthcare and living expenses continue to rise, many seniors are finding themselves in need of additional financial support to maintain their quality of life. One option that more and more seniors are turning to is Reverse Mortgage. Here are some facts about why seniors are choosing a Reverse Mortgage:
- 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.
- Reverse Mortgages do not require the senior to make monthly payments – under a Reverse Mortgage, Seniors will receive either a lump sum or regular payments (based on the equity in a senior’s home), making them an attractive option for seniors on fixed incomes.
- 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 at least 62 years of age 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) 296-7766 for more information and guidance on how a Reverse Mortgage could benefit you.
