January 19, 2023
As a child of a senior homeowner, you have a growing concern about your parents as they age. One issue is that the configuration of your parents’ home may no longer meet their needs at this stage in their lives. So what are your alternatives? Your parents could move in with you, but that may not be feasible for reasons of space or finances. They could move into assisted living, but that means they’d be paying thousands of dollars each month. Something they and you may not be able to afford or and 91% of senior homeowners say they prefer this. They could stay in their own home and maintain their independence.
A reverse mortgage can help your parents achieve this goal by providing them with the additional cash flow they need to help them remodel their home to fit their needs. Your parents would still retain ownership of their home, and they stop paying their monthly principal and interest payments. They also benefit from the appreciation they would gain over the years by keeping their home given the alternatives. A reverse mortgage is an option worth considering. To find out more, call us today!