A Financial Option in Retirement
While we all hope to be healthy well into our golden years in retirement, statistics indicate at least 70% of Americans 65 and older will require some form of long term care or disability insurance. As we all know, these costs can be high and literally break the bank for many seniors adding undue stress to themselves and their families.
Wouldn’t it make sense then, to plan for the unexpected?
Most people want to stay in their homes as long as possible and in their communities, with familiar surroundings. Preparing for the future with in-home care is the most vialbe option. Not only do we become accustomed to our neighbors and community, we want to stay close to what we know and feel comfortable with.
As we all know, health care costs are just continuing to increase. So, what options are available to seniors that will help allow finance these inevitable costs?
What is a Home Equity Conversion Mortgage?
A Home Equity Conversion Mortgage (HECM), known more commonly as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan. A reverse mortgage allows seniors 62 and older to tap a portion of their home’s equity to obtain funds without having to make monthly mortgage payments. If you have an existing mortgage, then the balance would need to be paid off using the proceeds from the reverse mortgage. The borrower continues to own the house, and maintains title for the life of the loan. The home can also be sold at any time. The loan typically becomes due when the borrower moves out of the house as their primary residence or passes away.
Why not consider this option for either yourself or someone you know?
Get in Touch with Mario Quintero Today
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.