Children of Retirees

Could Your Parents Use More Cash in Retirement?

Homeowners 62 and older may be eligible for a Reverse Mortgage Loan. The following are just some of the features and benefits that can be a financial game-changer for retirees. Let’s not forget, these could also be a financial game-changer for children who currently are shouldering their parents’ living expenses.

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Eliminate monthly mortgage payments (borrower must still pay taxes, insurance, and maintain the home)

Increase cash flow from multiple points

Help cover increases to cost of living

Remain the full owner(s) of the property

Stay in or sell the home as they see fit

Get more enjoyment out of retirement

Reverse Mortgage Loans are a powerful and reliable tool.

Here are six of the most common questions that children of retirees have about Reverse Mortgage Loans.

Would My Parents Own Their Home?

Yes, they would remain the owners of their home with all rights and privileges, just as they are now. No one could make them leave the home if they did not want to as long as loan terms are met. They could sell the home at any time they wanted to and would keep any profits that were left over from the sale.

Would They Have Monthly Payments?

No, they would not have to make monthly payments. Your parents would be committed to making the home their primary residence, paying homeowners insurance, property taxes, and maintaining the home. They could choose to make payments for tax purposes, but only if they wanted to.*

Could I End Up Owing Money for This?

No. Because this is a non-recourse loan, you cannot ever owe more than the house itself. The loan is repaid when the home is sold. Their heirs have the option of paying off the loan or selling the home. If the loan exceeds the market value of the home, federal insurance covers the difference. If there’s a profit from the sale, the heirs keep it.

How Much Money Would My Parents be Eligible for?

That depends on a number of factors, including their ages, the market value of the home, and the interest rate. Fill out this brief form on behalf of your parents or call me at 866-518-3196 to talk about the potential benefits of a Reverse Mortgage.

I’ve Heard Negative Things About Reverse Mortgage Loans.

The bad press is left over from a number of years ago before the regulations we have today were put in place. The Reverse Mortgage is a straight-forward tool with more safeguards than normal forward mortgages. Check out these myths and facts or call me at 866-518-3196 to discuss.

Is the Process for a Reverse Mortgage Loan Complicated?

Like any mortgage, a Reverse Mortgage has many steps and some significant paperwork, but it’s not particularly complicated. Check out our breakdown of the 10 step process or call me at 866-518-3196.

Curious About What You May Qualify For?

An accurate estimate requires a bit of personal information. Please fill out the following form and we will call you to talk through the numbers.

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*This advertisement does not constitute tax and/or financial advice from Fairway

** There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.