Basics of Reverse Home Mortgage
Anchor Funding Inc
For more information about the author, click to view their website: Anchor Funding, Inc.
Nov 30, 2023
Alabama - Gulf Coast
Email US
Click to Email Us
Basics of Reverse Home Mortgage
A reverse home mortgage is a type of loan that allows homeowners to
access a portion of their home equity without having to sell their home or make
monthly mortgage payments. Unlike a traditional mortgage, the loan balance of a
reverse mortgage increases over time and is typically only repaid when the
homeowner sells the home or passes away.
Differences from Traditional Mortgage
- Reverse
mortgages do not require monthly mortgage payments, while traditional
mortgages do.
- The loan
balance of a reverse mortgage increases over time, while the loan balance
of a traditional mortgage decreases over time as payments are made.
- Reverse
mortgages are typically only repaid when the homeowner sells the home or
passes away, while traditional mortgages are repaid over a set term.
A Financial Solution for Seniors
· For seniors, a reverse mortgage can be a great financial solution. It
allows them to access the equity in their homes without selling or giving up
ownership.
· Reverse mortgages are also a great way to supplement retirement income.
They provide a steady stream of funds that can be used to cover living
expenses.
· With a reverse mortgage, seniors can enjoy their retirement years and
have peace of mind knowing they have a reliable source of income.
Reverse
mortgages are also a great way to pass on wealth to heirs. The loan is paid off
from the sale of the home, and the remaining equity is passed on to the heirs.
Eligible homeowners obtain reverse mortgages for many reasons including:
·
Repairing
or modifying the home to meet the physical needs of getting older
·
Supplementing
retirement income to meet expenses
·
Managing
the costs of in-home care
·
Paying
off an existing mortgage
·
Paying
increased bills due to inflation and economy
·
Paying
property Taxes
·
Delaying
Social Security
·
Providing
a source of funds for living expenses in lieu of liquidating financial
investments during times of market downturn or disruption
·
Helping
retirement savings last longer
·
Purchasing
a retirement home
Recent Clients
A retired couple in their late 60s, John and Susan, were struggling to
make ends meet on a fixed income, due to inflation and the cost of living
increasing. They had significant equity in their home but were hesitant to sell
it and downsize because of the current real estate market. They decided to explore a reverse mortgage as
an option to access their home's equity without having to sell it.
- The reverse
mortgage allowed John and Susan to access their home's equity and use the
funds to pay off their existing mortgage and cover their increased living
expenses.
- They were able to stay in their home and maintain their quality of life, without having to worry about making monthly mortgage payments.
Mary Anne, a retired infusion nurse, suffered some medical challenges and her insurance did not cover all of her additional expenses. She decided a reverse mortgage was her best option.
- It allowed her funds to seek non-traditonal treatment and was able to eliminate the financial stress in her life, allowing her body to heal.
A retired widow in his late 70s, James wants to stay in his home as long as possible. His home was mortgage free and he intends to leave it to his two children who live out of state.
- The reverse mortgage allowed him to access his home's equity and use the funds to make the modifications to continue staying in the home unassisted.
- It allows him the peace of mind knowing the has additional money to pay an in-home care giver if and when he needs one.
- He is able to stay in his own home and now worry about being a burden on his out of state children. He expressed to me that feeling of relief is priceless.
This article was submitted by Nicole Cramer with Anchor Funding, Inc. Contact Nicole at 251-349-9891 or email her at nicole@cramergrp.com for more information about whether a reverse mortgage can work for you.
Other Articles You May Like
Welcome to ONA Solutions Your Safe Space for a Fresh Start This June!
Welcome to ONA Solutions Your Safe Space for a Fresh Start This June!As summer arrives and the days grow brighter, there's no better time to find a home that supports your peace of mind and personal growth. At ONA Solutions, we offer more than just affordable housing we provide a community where women feel safe, supported, and truly at home. Why Choose ONA Solutions?At ONA, every detail is designed with your comfort and safety in mind. Whether you're settling in for a new chapter or just need a peaceful place to land, were here for you. All Utilities Included One simple monthly payment, no hidden fees. Fast, Reliable Wi-Fi Stay connected, study, work, or stream with ease. Move-In Ready Clean, fully furnished rooms so you can feel at home from day one. Women-Only Housing Feel safe and supported in a space created exclusively for women. A Community That Welcomes YouOur doors are open to women from all walks of life. Whether you're starting over, downsizing, or simply looking for a calm and secure home, ONA Solutions is here for you.We proudly welcome: Female Veterans Retirees & Seniors SSI/SSDI Recipients Students & Educators (18+) Why Now? June is the Time to BloomThis month is all about new beginnings. With our limited openings and an unbeatable $75 move-in fee, June is the perfect time to claim your spot in a space designed for care, dignity, and comfort. Lets Get You Settled!Have questions or ready to take the next step? Our friendly team is here to help. Call Us: 9 AM 3 PM: (239) 688-4815 3 PM 5 PM: (239) 785-3315 DM us anytime were happy to chat when it works for you! Stay Connected: Facebook: ONA Solutions Instagram: @onasolutionsllc2024 LinkedIn: ONA Solutions LLC Website: www.onasolutionsllc.com Find More Than a Room Find a Home Come home to comfort, connection, and community. Come home to ONA Solutions.
Why Downtown Living is Truly Special
This article highlights the magic of downtown living, from its walkability and waterfront charm to its rich history along McGregor Boulevard. Residents enjoy vibrant local events, diverse dining, and a true sense of community, where life feels both convenient and connected. Whether you're soaking up the arts, savoring fresh seafood, or celebrating local traditions, downtown Fort Myers offers a lifestyle like no other.
Our Safe, Comfortable, and Supportive Home for June!
Welcome to ONA Solutions: Your Safe, Comfortable, and Supportive Home for June! As summer blooms and the days grow longer, there's no better time to find a place where you can feel safe, supported, and right at home. At ONA Solutions, were more than just housing were a community designed for women, built on the values of security, comfort, and compassion. What Makes ONA Solutions Special?When you choose ONA Solutions, youre choosing more than four walls you're choosing peace of mind. Our homes are thoughtfully furnished and designed to provide comfort, connection, and confidence for women in all walks of life.Heres whats waiting for you: All Utilities Included Say goodbye to budgeting stress with electricity, water, and other utilities all covered. High-Speed Wi-Fi Whether you're working, studying, or streaming your favorite shows, you're always connected. Fully Furnished Spaces Our clean, cozy rooms are move-in ready, so you can settle in right away. Women-Only Community Feel empowered and safe in a welcoming space built just for women. We Welcome Women From All BackgroundsAt ONA Solutions, you belong. Whether you're going through a transition, seeking stability, or just looking for a fresh start in a warm and peaceful environment, our doors are open to: Female Veterans Retirees SSI/SSDI Recipients Students & Educators (18+) Why June is the Perfect Time to Join UsJune is a month of growth, renewal, and opportunity and theres no better time to invest in your well-being. With limited spots available and our $75 move-in special, now is the time to secure your space in a safe, affordable, and empowering environment. Get in Touch Today!Our team is here to help you find the right fit. Have questions? Ready to schedule a tour? Reach out during the hours that work best for you: (239) 688-4815 | 9 AM 3 PM (239) 785-3315 | 3 PM 5 PM Or send us a DM anytime were happy to assist! Stay Connected With Us: Facebook: ONA Solutions on Facebook Instagram: @onasolutionsllc2024 LinkedIn: ONA Solutions LLC Website: www.onasolutionsllc.com Your Journey Starts Here. Come home to comfort, community, and care come home to ONA Solutions.
Local Services By This Author
Anchor Funding, Inc
Reverse Mortgages , Daphne, Alabama,Eligible homeowners obtain reverse mortgages for many reasons including: Repairing or modifying the home to meet the physical needs of getting older Supplementing retirement income to meet expenses Managing the costs of in-home care Paying off an existing mortgage Paying increased bills due to inflation and economy Paying property Taxes Delaying Social Security Providing a source of funds for living expenses in lieu of liquidating financial investments during times of market downturn or disruptionHelping retirement savings last longer Purchasing a retirement homeCall Nicole Cramer at 251-341-9891 for more information about reverse mortgages.