HELP YOUR PARENTS live in retirement
People are living longer, healthier lives—and reaching retirement age no longer means growing old. Financial security can be a large part of the equation that can help ensure a better quality of life for our parents and for us. A reverse mortgage may help your parents live well in retirement and balance their needs and desires with your own.
Living independently in their own home is of paramount importance to most older Americans. For your own peace of mind and for the well-being of your parents, it’s important to plan for the future by talking about the kind of help they will need-- or want—in order to be comfortable in their homes. It may be difficult to inquire about a parent’s finances, but it is important to know if they can afford to eat well, pay bills and take advantage of things that bring joy to their life.
Allow your parents to make their own choices and resist the temptation to push issues unless their health or safety is in jeopardy. Show understanding by focusing on your parents’ needs, desires, and worries about their current and future living situation. Compare the costs and benefits of remaining in their home with that of an Assisted Living facility.
REVERSE MORTGAGES ARE HELPING older Americans across the country achieve greater financial security and enjoy their retirement years to the fullest.
Imagine if your folks have the income they need to remain living comfortable in their home—and at the same time make much needed repairs, afford quality home healthcare or even vacation with family or friends. Nearly 300,000 older homeowners have done that thanks to the reverse mortgage, a unique financial product that can give seniors, aged 62 and over, the freedom and peace of mind to fully enjoy their retirement.
Your parents have been putting money into their home for years. Home values have increased. The result is that your parents are sitting on a nest egg that could spell the difference between a good life and a difficult one.
With a reverse mortgage, your parents can receive a portion of their home value in monthly payments or in a “rainy day” credit line. They are able to use the value they have built up at the time they need it most. If they have an existing mortgage that is draining their income, a reverse mortgage may pay off that mortgage. There are no income or credit qualifications.
As the adult child, you gain the peace of mind knowing your parents are able to take care of themselves and not be living in financial stress. They are using their own money and not adding any additional monthly payments to their monthly requirements. They maintain their dignity and independence. Best of all, they retain title and remain living in their own home.