YOU'VE ALREADY BUILT-UP!
May Help Seniors Age In Place With Dignity
and A Higher Quality of Life
Naturally, John worried, “What if I’m forced to stop working or die suddenly? ”
Faced with his own mortality, John took stock of their situation. “Financially, we didn’t have to do a reverse mortgage. At least not now, anyway. I have work income, an annuity, retirement money and social security. But if I were to pass on, my work income and social security would go away. Kathy would still have her social security and some annuity money but it wouldn’t be enough for her to cover the monthly mortgage, let alone any medical needs that could arise like home elder assistance.
Under the circumstances, we figured it would be wise to go ahead and get a reverse mortgage now. With the reverse mortgage in place, if I die, Kathy won’t have to make monthly mortgage payments. All she’d have to pay are yearly property taxes and home insurance."
John continues, "We are your classic baby boomers. We were taught to treat our homes like a piggy bank you deposit into every month and never withdraw from. ‘Keep on paying the mortgage so one day, 3 decades later, you own it free and clear as you enter your golden years.’
Meanwhile, our kids have all grown up, moved out of the area and started families of their own. They’re not interested in the house when we’re gone. They’d just as soon sell it and split the proceeds. Wouldn’t we be better off to stop stuffing money in to this piggy bank and get a reverse mortgage so our home lets us ‘age in place’ with dignity and a good quality of life?
Better still, the government guarantees our reverse mortgage will get repaid when our home is sold or the last occupant dies; generally from the equity that's remaining or the government insurance fund. Any money from the sale above the balance on the mortgage goes to our children. And we feel good about that!”