"Life is great" as a friend often says. There are actually some mortgages that have stayed sweet on the vine and look to remain that way for quite some time.
Reverse mortgages just got better for senior home owners who need the lifelong financial relief or who want funds for any number of reasons. HUD the federal agency that closely oversees the Home Equity Conversion Mortgage for seniors has allowed loan limits to go up to at least $417,000. That's an increase of $55,000. The limit may actually be higher but I am waiting for news about where the limit now stands.
My great interest in offering Reverse Mortgages was in providing relief for cash strapped seniors who might lose their homes or just as seriously could not afford to eat decent meals.
There truly are a great range of reasons why a reverse mortgage is right for SOME seniors. I have family members who don't need a reverse and should not take one, while other members of my family would lead pretty tough senior years with out the alternative of a reverse mortgage to supplement their income and allow for some comfort and some pleasures after a lifetime of hard work.
Talk about family values is talk about parents and their children in the Reverse Mortgage program. Most of the reverse mortgage loans I have done, were initiated by the adult children of senior home owners. very often these days I am approached by the children of seniors who are looking for a way to help their aging parents make ends meet when they themselves are struggling.
Be well,
Howard
347-622-6167
howard.loans@gmail.com
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1 comment:
The kids helping their parents. Why not?
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