Reverse Mortgage helps pay medical costs for homeowners 62 and older. Kim welcomes Des Lenz, Director, at American Pacific Reverse Mortgage Corporation. Kim and Des discuss options on how to use the equity in your home to help pay for medical expenses. An illness or accident could be catastrophic for an older member of your family. Kim and Des share real life stories from their clients and how they used a Reverse Mortgage to help.
REVERSE MORTGAGE FACTS:
– Must be 62 years old or older
– Must live in the home
– Must pay the taxes, insurance and maintain the home
– No loan re-payment until the homeowner dies, or moves out
– The loan is paid usually be selling the home
– Reverse Mortgage insured by the Federal Housing Administration
BENEFITS OF REVERSE MORTGAGE:
– No monthly mortgage payment
– Pay medical expenses
– Improve cash flow
– Line of credit availability
“Reverse Mortgage can really improve your quality of life when you no longer have the burden of a monthly mortgage payment.” Says Des. “A Reverse Mortgage is not for everyone, however, and there are plenty of Mortgage options.” Reminds Kim.
To learn more, listen to the interview below: