Reverse Mortgages for Seniors
 Are you a senior and thinking about getting a reverse mortgage? Or are you looking into a reverse mortgage for a senior (or anyone over age 60)? This type of home mortgage can be a great way to supplement a senior's retirement income. We at FutureSafe Financial would like to help you make the right decision for your situation.
Senior's Home Equity Increasing Make Reverse Mortgages Attractive in California
In recent years, real estate had some of the strongest home price appreciation rates in history making a reverse mortgage for a senior a strong option. Why? The more equity that the senior has in her home, the more money she can qualify for under a reverse mortgage. That means that even though she may currently have a mortgage on her home, a reverse mortgage may be able to pay off her old mortgage so that she can live in
her home payment-free.
How Does the Reverse Mortgage Affect the Senior's Home Equity?
The reverse mortgage will not necessarily use up a large portion of the remaining equity, especially if the senior has a lot to begin with. And, a reverse mortgage may even offer the senior a significant sum of cash to use for whatever she wants, on top of paying off her old mortgage. Keep in mind that the senior does not have to take out all of the money that she qualifies for under a reverse mortgage, but can leave some in the available line of credit. If the senior has not pulled the money out, then it remain in her equity and there is no interest accruing on the reverse mortgage.
Reverse Mortgage Income Options
If the senior would rather have a regular month payment coming to her, that can be arranged upon request. One of the income options is the tenure income, which basically means that the monthly payment going to the senior will last for as long as she has her senior reverse mortgage. She can also combine the options of a lump sum, line of credit and tenure income payment.
A Typical Example
For example, if she qualified for $200,000 under her senior reverse mortgage, and used the first $100,000 to pay off an old mortgage, you could still get a monthly payment of $500 per month, and a line of credit of $50,000. As you can see, a reverse mortgage is valuable tool for retirement and allows a senior to maintain flexibility to meet her changing financial needs. Contact FutureSafe Financial to discuss reverse mortgages for seniors in California.
Call Toll Free: 1-866-311-3360 to speak with an Advisor.
| 
