Seniors 62 and over may feel that they are stuck in their current, oversized home with no options available. Where will I go? How can I get a new mortgage, I live on a fixed income?
Well there is an option. The homeowner can sell their current home and take the equity from the sale to use as a down payment on the new affordable smaller retirement home. The Reverse Mortgage would be used to finance the new home. Just like a standard Reverse mortgage, the benefits would be the same, no monthly mortgage payments, no income check, and no income check.
This option is not widely known and can help many seniors move forward with their lives. Maintaining a large home inside and out can be financially hard for seniors on a fixed income. The opportunity to downsize to a new home will not only free up additional funds that are currently being used to upkeep home but also free up time and worry in regards to the maintenance of the property.
As you can see the Reverse Mortgage may be used to help our seniors in many different ways. Please reach out to a Reverse Mortgage Consultant to get more information on these programs.
Debbie may be contacted at