A reverse mortgage is a home equity loan without a payment. You do not repay the loan as long as the home remains your principal residence. Your income and credit rating is not considered when qualifying for the loan. The writer is a reverse mortgage expert.
We’d go to great lengths to explain to these people and to their adult children when they come out of the hospital that it’s important to modify their home to make it safer for them, but they wouldn’t spend the money,” Mack said. “They would go home and compromise their quality of life and put themselves in jeopardy of having another disability because they wouldn’t put in a grab bar or they wouldn’t install a walkin shower. The amazing thing was that they began consoling me, instead of me consoling them. They’d say ‘Susan, honey, don’t worry.
I’ll be just fine. I’ll make do.’ ”
According to the Princeton, New Jersey-based SRI Consulting Business Intelligence, the amount of household debt for people over 65 nearly tripled between 1992 and 2000. Many seniors simply haven’t saved enough for retirement: 44 percent of retirees age 60 or older (overlap with the Silents) have saved $75,000 or less; eleven percent have saved nothing at all. Forty-four percent cite Social Security as their primary source of income.2
Biggest lure to a reverse mortgage: These reasons can be grouped in to the need for basic living necessities, plus property taxes, which have been compromised by rising health care costs; supplements to dwindling financial portfolios, home modifications, travel, and money to assist in the costs of raising grandchildren. Led to participate: They recently discovered availability of the reverse. Often, the only funds available to remain in the home, make needed repairs. They have been convinced to “live a little” by adult children, willingness to help out, surprised by current value of home brought by appreciation.
A brokers mortgage in canada can fine tune the mortgage product for you. An expert mortgage broker is essential to understand your Vancouver mortgage options.