American Dream- Reverse Mortgages
The American Dream can very well be broken down into financial comfort; to be able to feed and educate your children; to buy that red Porsche or to own that beautiful ranch. Many work day and night to grasp just a sliver of that dream. However, with that dream come many nightmares.
What if my I need to be hospitalized? What if my child falls ill? What if my car breaks down? Life becomes a never-ending series of “what ifs”. It is filled with unexpectedness, and not all the “what ifs” can be deteriorated.
Moreover, there can be nothing more daunting than being under financial strain in times of crisis. Suddenly the American Dream turns into a nightmare: years of grueling work and sacrifices go down a big black hole along with your wallet. Luckily, you can wake up from this nightmare and find financial stability.
A Real Solution for Seniors
Conclusively, during the great recession, our government provided a means of survival for those ages 62 and over. A reverse mortgage; the perfect solution for those who could use an ease to their financial strain, or who want to have their American dream be fulfilled.
Reverse Mortgages, a Closer Look
A reverse mortgage allows you to withdraw a portion of your home’s equity, without selling. In other words, instead of you paying the bank, the bank pays you! Reverse mortgages are not only Federal Housing Administration (FHA) insured, but they don’t have taxable income, have no effect on social security, and don’t impact Medicare. It gives seniors the ability to stay in their homes, and or helps them get out of housing that doesn’t suit their age and abilities.
Reverse mortgages keeps seniors’ best interest in mind, and qualifying couldn’t be any easier!
To qualify for a reverse mortgage, the homeowner must be at least 62 years old, own or be punching a primary residence, and lastly, the home and their credit must meet standard guidelines. Now, more than ever is the time to gain access to a reverse mortgage!
It Gets Better
Too good to sound true? It gets even better! No monthly payments are made, there are no prepayment penalties, and there is virtually no time limit to how long the homeowners may reside in the property. Lastly, your heirs retain the remainder of the equity upon sale of the home. You may be wondering how a reverse mortgage is repaid, stay tuned to find out.
Reverse mortgages can be repaid if the borrowers want to sell, borrowers want to sell and purchase a new home, or both borrowers pass away, in which case their heirs receive the remaining equity. Thus, a reverse mortgage can not only benefit you, but your spouse, and heirs. Stop worrying about the what ifs, and start asking: what if.
A reverse mortgage is the way to turn your dream into a reality.
Financial happiness is the goal of all Americans. Through a reverse mortgage, not only can seniors sleep soundly, knowing they have access to funds, but they can also pass on their proceeds and benefits to their heirs. This is an extraordinary solution that benefits millions of Americans, and is backed by the United States government. A reverse mortgage will fashion your American Dream into a reality.
Guest Blog By CU Boulder College Intern
This post was written by Joleen Najjar, a Colorado University Boulder senior. She’ll be graduating in the Spring of 2017 and starting her career immediately.