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For My Parents?
Many concerned, mature children of Senior parents have recognized the uncertainty their parents are facing in their “golden years”.
1) Will my retirement income allow me to live the rest of my life with sufficient dignity?
2) Where am I going to get enough income to maintain a satisfactory standard of living?
3) Will I be able to maintain my financial independence very long?
4) Will I become a financial burden to my children?
5) Will my children be able to help me if I need it?
6) Will I be forced to sell the home I so much love?
7) And a myriad other questions…
Have you asked yourself?:
How are we going to be able to help Mom and Dad?
You will find some of the answers and solutions in a Reverse Equity Mortgage insured by FHA. Why?
1) Your parents would be able to get supplemental funds to improve their standard of living.
a) If they have a mortgage, they will not be making any more monthly payments. That amount will help them.
b) If their home is free of mortgages, the monthly advances would be higher.
2) Your Parents retain 100% of the Title of the property. Like with any mortgage, when they or their estate sell the property, the mortgage plus the accrued interest must be paid. Any remaining money goes to the owner or the estate. There is no pre-payment penalty when sold or refinanced.
a) When the last remaining Borrower-Parent living in the home passes away, the heirs would pay the mortgage either by selling it or re-financing.
b) Your Parents or their heirs will never owe more than the current market value of their home. Homes usually appreciate in value regularly.
As a concerned son or daughter or relative, you should discuss with them their needs and feelings. It will be great a support for them. Call me to find out more about the REM and how it can help your Parents.
I am a Senior and I have a Reverse Mortgage on my own home. I understand them. I hope you do too.
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