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Welcome to the SUNDAY edition of the Examiner’s Senior Spotlight section. Moving this section of the paper to Sunday is a smart move. Here are some interesting facts that show why: This year, 10,000 people per day will celebrate their 64th birthday – the crest of the silver tsunami. The fastest growth segment of the US population is 85 and older. And life expectancy has increased 50% in the last century.
These quick facts point to an aging population that continues to read the newspaper. While “youngsters”, oh say, 62 to 70, may use email to stay connected with their friends and family, newspaper readship is still quite relevant to those a bit older. Facebook or Twitter --- ehhh, “not so much.”
So here’s another interest fact, among people 75 and older, 95% want to remain in their homes for as long as possible. And why not? There is a lifetime of cherished memories in their homes - kids, and pets, and let’s not forget the spouses.
But is it possible to stay there safely and securely – to “age in place” --- for as long as you choose? And, how do you do so given that your portfolio may have taken a nose dive in the last few years?
Your much cherished home may provide the very solution you are looking for. Using a Reverse Mortgage, your home pays YOU money, releasing some of the equity which you have built up over the years. This type of loan has been around for more than 40 years. You must be 62 or older to qualify and, as you borrower money from the home, no replayment is required until you no longer live in the home.
How do you qualify? A Reverse Mortgage is only for homeowners 62 and older. The amount of money available to you is based upon the age of the youngest borrower on title and the value of the property (subject to the government loan limit). The older you are, the more of your home’s equity you can access. There are NO income or credit requirements, but you must pay off any existing mortgage debts/liens (perhaps your equity line) before additional monies can be released to you.
How can you use the money? Any way you choose -- there are no limits what so ever. After paying off existing loans, you can draw income, remodel, buy in-home care, travel, assist your children, provide funds for your grandchildren’s education or simply enjoy life.
As a financial planning tool, Reverse Mortgages are often used to buy long term care insurance or even single premium life insurance. But the most common use of a Reverse Mortgage is to provide the resources to “age in place” – that is, to stay in your home safely and securely for as long as you wish.
Reverse Mortgages known as Home Equity Conversion Mortgages (HECMs) are government insured. There are two types of HECM Reverse Mortgages in the marketplace – “Standard” and “Saver”. And within those offerings, both fixed and adjustable rate mortgages are available.
The best mortgage for YOU depends on your personal situation and requires analysis by an experienced and skilled resource. Reverse Mortgages are all that I do. I am your neighborhood specialist, not a customer service agent at the end of an 800 number thousands of miles away. What separates me from me from my competitors is knowledge and service. I know and understand the loan choices and offer loan “products” from multiple lenders.
If you would like no-obligation consultation, please contact me at my office at 650.591.4430. I specialize in turning “gobbledygook” into “AHA – now THAT makes sense!”
Judy Schwartz
www. ReverseMortgagesOnly.com
Welcome to the SUNDAY edition of the Examiner’s Senior Spotlight section. Moving this section of the paper to Sunday is a smart move. Here are some interesting facts that show why: This year, 10,000 people per day will celebrate their 64th birthday – the crest of the silver tsunami. The fastest growth segment of the US population is 85 and older. And life expectancy has increased 50% in the last century.
These quick facts point to an aging population that continues to read the newspaper. While “youngsters”, oh say, 62 to 70, may use email to stay connected with their friends and family, newspaper readship is still quite relevant to those a bit older. Facebook or Twitter --- ehhh, “not so much.”
So here’s another interest fact, among people 75 and older, 95% want to remain in their homes for as long as possible. And why not? There is a lifetime of cherished memories in their homes - kids, and pets, and let’s not forget the spouses.
But is it possible to stay there safely and securely – to “age in place” --- for as long as you choose? And, how do you do so given that your portfolio may have taken a nose dive in the last few years?
Your much cherished home may provide the very solution you are looking for. Using a Reverse Mortgage, your home pays YOU money, releasing some of the equity which you have built up over the years. This type of loan has been around for more than 40 years. You must be 62 or older to qualify and, as you borrower money from the home, no replayment is required until you no longer live in the home.
How do you qualify? A Reverse Mortgage is only for homeowners 62 and older. The amount of money available to you is based upon the age of the youngest borrower on title and the value of the property (subject to the government loan limit). The older you are, the more of your home’s equity you can access. There are NO income or credit requirements, but you must pay off any existing mortgage debts/liens (perhaps your equity line) before additional monies can be released to you.
How can you use the money? Any way you choose -- there are no limits what so ever. After paying off existing loans, you can draw income, remodel, buy in-home care, travel, assist your children, provide funds for your grandchildren’s education or simply enjoy life.
As a financial planning tool, Reverse Mortgages are often used to buy long term care insurance or even single premium life insurance. But the most common use of a Reverse Mortgage is to provide the resources to “age in place” – that is, to stay in your home safely and securely for as long as you wish.
Reverse Mortgages known as Home Equity Conversion Mortgages (HECMs) are government insured. There are two types of HECM Reverse Mortgages in the marketplace – “Standard” and “Saver”. And within those offerings, both fixed and adjustable rate mortgages are available.
The best mortgage for YOU depends on your personal situation and requires analysis by an experienced and skilled resource. Reverse Mortgages are all that I do. I am your neighborhood specialist, not a customer service agent at the end of an 800 number thousands of miles away. What separates me from me from my competitors is knowledge and service. I know and understand the loan choices and offer loan “products” from multiple lenders.
If you would like no-obligation consultation, please contact me at my office at 650.591.4430. I specialize in turning “gobbledygook” into “AHA – now THAT makes sense!”
Judy Schwartz
www. ReverseMortgagesOnly.com |
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