Why to consider a Reverse Mortgage

The Reverse Mortgage programs are not necessarily for all senior homeowners over the age of 62. However there are reasons to consider these programs if you wish to stay in your home. Some of the reasons maybe the death of your spouse, one of you are very sick and need expensive medication, did not plan to life as long as you have, savings are decreasing and cost of living and expensives are continuing to increase. I believe in these programs, I refinanced my mothers home into the HECM program because that was the right one for her, it was a creditline that built intestest and was available for her when she needed extra money. Mother was able to afford making her mortgage payment, but it was a stretch to do anything else, with the program she was able to pay-off her mortgage and get extra money to do some home improvements that she would not have been able to do without the new loan. Let me talk you a little story about my mother, she was a very independent women that did not like people giving or doing things for her. However she was the one that would give you the shirt off her back if you needed it. My mother was the type that when you come to visit she wanted you to have a meal. When worker would come to do a job for her she would make them take lunch which she would make for them. My brother, sisters and I offered our mother the opportunity to stay with us. She would travel between homes for a little over 6 years before she decided that it was time for her to go back to her home. My sisters try to get her to sale her home she let them put it up for sale but decided that she did not want to live with any of us because she liked to take care of herself and she felt like she was losing that ability because we were taking care of her needs. The reverse mortgage allowed my mother to travel to visit us, and to do some home improvements to her home without having to worry about making a mortgage payment. The only house expense was for her to pay the homeowners insurance and property taxes.