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Are You a Senior Homeowner? Reasons Why You Will Rejoice After Second Quarter’s Results…

During the second quarter of 2017, senior homeowners saw an increase in their home equity grow by $150 billion.  How can homeowners age 62 and older take advantage of this increase?  The answer is the federally-insured Reverse Mortgage.

According to the National Reverse Mortgage Lenders Association (NRMLA), this increase in home equity means great things for senior homeowners.   Since health care spending is increasing, “seniors can benefit from the rise in their home equity to help fund this and other costs of aging” remarked NRMLA’s president and CEO, Peter Bell.  He continued his statement by including that “housing wealth provides older homeowners with an available source of funds to manage the costs of caregiving and other expenses incurred in the last third of life.”

However,  there is still a large percentage of senior homeowners who are unaware about how to access their home’s equity value.  The solution is the Reverse Mortgage.  NRMLA revealed that more than one million seniors have a Reverse Mortgage, and 14% took out the loan to fund ongoing health or disability expenses.  Fourteen percent equals 140,000 out of one million seniors who turned to a Reverse Mortgage to experience the liberation of having the money to afford medical bills, medication, and healthier food options.  With more and more Americans taking their health care more serious,  this report is excellent for the remainder of America’s seniors who do not know about a Reverse Mortgage, and what it can do for them financially.

Alternatively, there may be senior homeowners who have heard the term “reverse mortgage,” but have received false information about what it is.  It is indeed true that there is a wealth of information from various sources about Reverse Mortgages. However, misconceptions are still out there about the Reverse Mortgage.   For example, a common misconception is that taking out a Reverse Mortgage means that a senior is “giving up their home.” That is not true; the individual will only owe what they borrowed plus interest. They will still own their home.  This type of false information may make seniors hesitant to take out this loan.  As a result, their mortgage debt has increased along with other expenses while they manage to live on a fixed income.   Seniors need to get the facts for themselves from a trusted resource that has experience in the field.

A Reverse Mortgage gives a senior the opportunity to continue living in their home while having access to funds so they can have the type of retirement they deserve.   It is the perfect opportunity to enjoy this stage of life with the funds acquired from being a homeowner.  If you have questions along with a piqued interest in how to achieve the financial liberation you have been hoping for,  look no further! Here at Reverse Mortgage Answers, LLC we have over 25 years of professional experiencing helping thousands of senior clients. Give us a call today at 1-800-420-5515.

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