Reverse Mortgages…Why the Bad Rap

Exploring the Advantages of Reverse MortgagesReverse mortgages have gained popularity as a financial tool for retirees looking to access their home equity without selling their homes. These unique financial products offer several advantages to eligible homeowners: 1.    Supplement Retirement Income: One of the primary benefits of a reverse mortgage is the ability to convert home equity into cash, providing a valuable source of supplemental income during retirement. This can be especially beneficial for individuals with limited savings or those looking to enhance their lifestyle without taking on additional debt. 2.    No Monthly Mortgage Payments: Unlike traditional mortgages, reverse mortgages do not require monthly payments. Instead, the loan is repaid when the homeowner sells the home, moves out, or passes away. This feature can ease financial burdens for retirees on fixed incomes, allowing them to remain in their homes without worrying about ongoing mortgage payments. 3.    Stay in Your Home:   One of the most significant advantages of a reverse mortgage is the ability to stay in your home for as long as you live. As long as you maintain the property, pay property taxes, and keep up with homeowners insurance, you can continue to reside in your home. 4.    Flexibility in Accessing Funds: Reverse mortgages offer flexibility in how homeowners can access their funds. Borrowers can choose to receive a lump sum, a line of credit, regular monthly payments, or a combination of these options. 5.    No Repayment Until You Leave the Home: With a reverse mortgage, the loan does not need to be repaid until the last borrower permanently leaves the home. This provides peace of mind for borrowers, knowing that they can access their home equity without immediate repayment obligations.Reverse mortgages offer a valuable option for retirees seeking to unlock the wealth tied up in their homes while maintaining the comfort and security of home ownership.  Contact Nicole Cramer with Anchor Funding to find out more about how a Reverse Mortgages.  She can be reached at 251-349-9891

Reverse Mortgage Fund Your Golden Years Reverse Mortgages Offer FreedomYou deserve to enjoy your retirement years. A Home Equity Conversion Mortgage (HECM)also known as a reverse mortgagecan help you find the financial freedom you need.Well cover the basics to help you decide if its right for you.What is a HECM and how does it work?A HECM is a federally insured reverse mortgage that offers borrowers more protection than non-HECM loans. HECMs use home equity to pay your outstanding mortgage while eliminating your monthly mortgage payments.* Depending on how much equity you have, a HECM can also provide extra funds as a lump sum or line of credit.        Available to borrowers 62 and older (non-borrowing spouses may be younger)        Available for primary residences        Borrower retains full ownership        Doesnt prevent the home from being passed to heirs       Loan repayment is never more than the value of the property*Borrower must continue to pay property taxes, homeowners insurance and maintenance costs.Will HECM income affect my retirement benefits? HECM funds are considered loan proceeds, not income, so they wont affect Social Security payments. However, needs-based programs such as Medicaid and Supplemental Security Income may be affected.How can you use a HECM? A HECM isnt just for those experiencing financial hardshipalthough it can certainly help in those situations. These loans can also help those doing well achieve more.You can use a HECM to:       Pay off existing mortgage and eliminate monthly mortgage payments*       Pay for everyday living expenses and or       Pay for a home remodel       Cover health care costs and/or provide for in-home care       Pay for the trip of a lifetime        Fund a grandchilds school tuition       Fund investments and/or long term care policy       There are no restrictions on how you can use the funds       Silver divorce       Fund the purchase of a new home  What if Im ready for a new home?We also offer a HECM for Purchase loan that lets you buy a new home without incurring monthly mortgage payments. This is a great option if you need to move to a smaller home, find one that is single-level or upgrade to a home with room for family. Who repays a HECM loan? A HECM doesnt need to be repaid until the borrower (and non-borrowing spouse) permanently leave the home. In most cases, HECMs are repaid by selling the home once the borrowers no longer live there. Neither you nor your heirs will be responsible for repaying more than the value of the home. We now have new proprietary (non-government) reverse mortgage options (minimum home value $400K) available to borrowers age of 55+ with some very exciting new benefits!A reverse Mortgage can improve your life, but there are many considerations.  If youd like to learn more about how a reverse mortgage can help you or a loved one meet financial goals, contact us today.  **This ad is not from HUD or FHA and was not approved by HUD or any government agency.**The loan is subject to foreclosure for failure to pay taxes and insurance to maintain the property and insurance and to comply with the terms of the loan.**Consumers remain responsible for property taxes, homeowners insurance, and home maintenance.  

8 Ways to Pay for Assisted Living in Denver ColoradoFiguring out how to pay for assisted living can be terrible, but its also unavoidable. A little preparation can go a long way. If you arent prepared to pay out of pocket, then you should probably reach out to our team of local experts who can help you explore in more detail the ways you can pay for Assisted Living.Eight Ways to Pay for Assisted living in DenverAt Stacy's Helping Hand, Inc we advise families with the following eight ways to cover the costs of assisted living in Denver:1.Plan Ahead and BudgetWhile this seems smart, most people do not put the money aside. Life can be hectic and unexpected. For those who are planning on the unexpected well ahead of time might also consider2.Long Term Care Insurance (LTCI)Long term care insurance is for the lucky few people whove prepared and put the money aside for the specific purpose of needing it for long term care in the future. While this is a great benefit to have built-in to your plans, the benefits vary dramatically from one plan to another. Payouts range from $50 to $300 a day and are contingent on meeting certain diagnoses. LCTI may not be an option due to policy requirements, but many people have another form of insurance that can be useful.3.Your Existing Life Insurance PolicyMany life insurance policies allow you to cash-in for accelerated benefits that you can use while you are still alive. Even for plans that dont have this option, you can transfer the plan to another policyholder that will offer cash out option. Your life insurance is like a deferred Annuity that you created a long time ago and forgot about, but if you didnt get life insurance when you were young, you can still get an4.Immediate AnnuityAnnuities can be pretty tricky business. You shouldnt consider one unless you are using the guidance of a financial advisor who is looking out for your best interests. In the case that an annuity isnt an option, many people can still5.Sell, Rent or Reverse Mortgage a HomeMany middle class Americans dont have much retirement savings to speak of, but they do own homes. Home ownership has been an especially valuable source of retirement savings for seniors in the Denver Metro area. As a result of appreciating home values and rising rent, seniors can sell, rent or reverse mortgage their homes to help pay for assisted living. If the need for money is more immediate and assets havent sold yet, people can get a6.Bridge LoanFor those who need cash now, but need time for their valuable assets to sell, such as their home, a bridge loan can help seniors pay for Assisted Living Facilities to fill the gap between when they need cash and when they have cash from their sale. For those who dont have as much cash or income, there are still options such as7.SSI/Medicaid/InnovAgeMedicare and regular Medicaid doesnt cover long term care such as Assisted Living, but if you dont have savings or assets, you can apply for a Home and Community Based Services (HCBS) waiver through Medicaid. In the Denver area, there is an organization that can help people who need Colorado-specific Medicaid through the government-backed non-profit InnovAge. You apply for Medicaid through the InnovAge program, and they handle your case. For more complicated cases or if you want someone to hold your hand through the process, a Medicaid specialist such as a local Colorado company, Helping Hands Consulting is a good idea.The typical Medicaid payout is $700/month but assistance goes as high as $2,250/month and supplements SSI and SSDI. Medicaid wont entirely cover the cost of Assisted Living, but it can make a large dent. Only some assisted living communities will accept Medicaid, and Medicaid beds are usually limited, but either way, seeking professional help throughout the Medicaid process can alleviate the stress and ensure that all the information is provided when the application is submitted.8.VA BenefitsVeterans benefits can be used to pay for residential care in a variety of situations. One set of benefits is available to those with service-related injuries or disabilities; another set of benefits, known as Aid and Attendance, is available to any veteran or surviving spouse whos disabled and whose income is below a certain limit.Receiving Medicaid and VA Benefits can be a tricky and time-consuming process. If you reach out to us today, we can help you navigate these complex systems and find you the right Assisted Living facility for your needs in the Denver Metro area.Finding the best Assisted Living community options for seniors is our specialty. If you have a question about Assisted Living in Denver CO metro area, give us a call at the number above.