To most, elderly and nursing homes go hand in hand. But did you know when speaking with elderly people, one of their biggest fears is being placed into a nursing home? And who can blame them? According to National Center on Elder abuse, one study interviewing 2,000 nursing home residents reported that 44% said they had been abused and 95% said they had been neglected or seen another resident neglected. When considering the psyche of an older senior, nursing homes or convalescent homes mean “end of life”. Often times adult children don’t know a better solution as the needs of the parents increase, the home is no longer suited for their parent, and they do not have the funds or the time for in home care. This is where reverse mortgage becomes a very important option.
Reverse mortgage is a great method to finance in-home care to avoid nursing homes, or pay for medical care, and fund home modifications. For seniors who are looking to situate long term and prepare to live their senior years in their own home, a move to a new residence closer to family or more suited for senior life may be in order. The reverse mortgage for purchase is perfect option for these situations. Reverse mortgage for purchase allows the purchase of a new residence using a reverse mortgage while still employing the perks of a traditional reverse mortgage – living mortgage payment free. In addition, reverse mortgages do not affect social security, pensions, or medicare.
Both reverse mortgage for purchase and traditional reverse mortgage are available to seniors 62 and over, with no income or credit requirements.
Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Longmont, Greeley, and Front Range areas of Colorado as well as Cheyenne and Laramie, Wyoming. Click here to contact Jan and learn if reverse mortgage is right for you.
One thought on “A Great Solution for Seniors : Reverse Mortgage”
I am confused. If you already have a house with a mortgage, but you want to move to a different state and use a RM for purchase, wouldn’t you have to show that the first house is up for sale? Since you say no credit or income requirement, how do you prove you can manage both homes, until the first one is sold? Or is that not a concern?
I want to move to CO Springs and currently live in AZ. Where would I start? Find the house first or get loan approval first or take a trip there before doing anything? Thank you.