Live Life Better With A Reverse Mortgage

WHAT HAPPENS WHEN THE BORROWER OF A REVERSE MORTGAGE DIES? The borrower's heirs aren't required to sell the home to pay off the reverse mortgage. But if heirs want to keep the home, they'll have to pay off the loan.... If they want to get a loan in their own name and pay off the reverse mortgage, they can, But if they can't and there are no other assets, like life insurance, other property or a 401(k) that they could use to pay off the loan, they will have to sell the property. When heirs sell, they typically can choose their own real estate broker. The heirs manage the sale and keep any capital gain after the loan and closing costs have been paid.

Did you know that you can purchase a home with a reverse mortgage? When you were younger, your home was the perfect place. Your spacious backyard, shaded by trees, provided the place for your children to run, laugh, and play. During those years, you may have thought that the last thing that would ever enter your mind would be to leave the home you and your family love. But as you enter retirement and your children have left the nest, you may begin to realize that you pre...fer to age in a new home that better fits this stage in your life. Why Buy a New Home as a Senior? Perhaps the home that perfectly served your growing family in the past now seems too large for your current needs. Having a multiple-level home with several rooms and a huge garden may now take more work than you are willing to put in to maintain it and, if you are retired, you may prefer to downsize to a smaller, more manageable home. Or perhaps you need a home that caters to new physical needs, such as a one-level home with ramps or handrails and wider doorways. The allure of a warmer climate may be attractive, or you may simply choose to move closer to the rest of your family. Whatever your reasons, there is a viable option available to you for aging in a new home instead of your current one. Let's discuss this or other options to help you live a better life with a reverse mortgage. Please give me a call.

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