How HECM Reverse Mortgages Help with Aging in Place
Aging in Place is a Choice
As aging Florida homeowners reach the point where they face the decision of staying in their own home, moving in with family, friends, or a senior care facility, they typically prefer to stay where they are most comfortable. Most of us, understandably want to remain where we can maintain our routines, our connections to neighbors and local hang out spots for breakfast, coffee or activities that bring us joy.
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Important Disclosure
- The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
- The loan balance grows over time and interest is charged on the outstanding balance
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.
The decision to stay in your home, after retirement, is referred to as “aging in place,” because if you moved, it would be called “aging in some other place,” and while that may be the right choice for some, if you’d rather stay in the home where you are comfortable, then please read on.
Nobody knows better than you what the benefits are for maintaining your home, your lifestyle, freedom and sense of independence, because for each person, facing the decision to age in place, the benefits are as unique as they are. However, we do recognize that there are advantages that resonate with many people facing the same choices.
Advantages for Aging in Place
During our many conversations with American senior homeowners, like you, we have learned that peace of mind is one of the primary advantages they experience by age in place. When asked “what brings you peace of mind?” the common response we hear is “I just want to maintain my lifestyle without becoming a burden for my family.” We’ve also learned that often the sense of freedom and self sufficiency contribute to their peace of mind.
Unsurprisingly, eliminating the stresses associated with moving, the effort, the cost, the loss of close proximity to lifelong friends and neighbors and remaining in their homes can help seniors maintain their sense of identity and connection to their communities, ultimately leading to a senior freedom lifestyle.
Finally and maybe even more importantly are the mental, physical and financial health advantages that contribute to the overall wellbeing seniors may experience with the choice to age in place.
Possible Roadblocks
While we recognize that some seniors, wishing to age in place, do face real roadblocks that must be overcome to make the option of aging in place feasible. Fortunately, the advantages that a HECM Reverse Mortgage offer may remove age related barriers such as safety or access improvements like ramps and rails. Additionally, in those cases where a lack of adequate financial resources is the barrier to aging in place, a reverse mortgage allows homeowners to access the equity built up over time to augment their lifestyle and retain their freedom to stay in the home they know and love.
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What Are The Costs & Fees?
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Reverse Application Steps
What Are The Qualifications?
Advantages of Aging in Place Recap
While the idea of aging in place may seem have overwhelming barriers, we encourage you not to despair or lose hope, because a HECM Reverse Mortgage home loan may provide the solution you are looking. We genuinely understand that aging in place is not just about keeping your home, no, it goes much further than that, as it impacts your health, sense of freedom and lifestyle. Our main goal is to ensure you have the information you need to make an educated decision about reverse mortgage loans and access to us as a trustworthy lender.
Reverse mortgages can be a great option for qualified Florida homeowners looking to augment their retirement income or have additional financial resources that allow them to maintain or improve the freedom and lifestyle they’ve earned over years of hard work and sacrifice.
If you would like to have a free, no obligation discussion about the details of the reverse mortgage loan products available, do not hesitate to give us a call, we’d love to meet with you at your home or have a talk on the phone to help you learn everything you need to know about the HECM reverse mortgage loan.
For more information give us a call at (800) 516-7155
Or use our reverse mortgage calculator to get an estimate of the proceeds you may qualify for!
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