Reverse Mortgages in The Villages, Florida Are Safe and Secure for Seniors

Reverse Mortgages for Seniors are Safe and Secure
4reversemortgagehelp.com

By mid 2011, nearly three-quarters of a million senior households discovered that reverse mortgages for seniors are a safe and secure financial tool to assist them in remaining in their homes while allowing them to remain financially independent.

Additionally, those seniors using senior reverse mortgages services gained the peace of mind that comes with knowing they have the resources to pay for health care, home modifications, or simply enjoy life a little more.

Seniors are the fastest growing segment-of our population. Today’s seniors are healthier, more mobile than previous generations, and are facing a paradigm shift in how they finance their retirement. Gone are the days of receiving a pension and retiring to the front porch rocker.

 

For information about Reverse Mortgages in The Villages, Florida contact your iReverse Reverse Mortgage Specialist at 800-486-8786 ext 813. We are dedicated to providing you with the knowledge you need to make the right decisions for your future.

 

7 Surprising Fall Hazards Inside Your Home: Get Help With a Reverse Mortgage in The Villages, Florida

7 Surprising Fall Hazards Inside Your Home
By Bob Gersh , Reverse Mortgage Specialist with iReverse Home Loans

Ever tripped over a cord or slipped on clutter? It just takes a little thing to send you reeling. But an innocent tumble can have hazardous consequences with age, like a hip fracture. So now’s the time to smooth out your paths.

Think your home is already safe? Let’s see! Here are seven surprising fall hazards you may not have thought about.

1. Throw rugs. They’re nice to look at, until they cause a slip. Toss them, or add nonslip backing.
2. Door sills. Remove them if they’re higher than half an inch, advises the American Academy of Orthopedic Surgeons.
3. Bar soap. Drop it on the floor, and you may find yourself down there too. Mount a liquid soap dispenser.
4. Pets. Always know where they are, or put a small bell on them.
5. Certain shoes. Sure, stilettos aren’t a good idea, but worn soles and a poor fit may cause a fall too, says the American Geriatrics Society. Also stay away from slip-ons and bare feet. Look for shoes with laces or buckles and a good amount of surface area. Women, if you can’t find athletic shoes that are wide enough, head over to the mens section, advises the AAOS.
6. Insufficient lighting. Aging eyes need more light. Make sure everything’s well lit and the light switches are easy to access (including at the top and bottom of the stairs). Put a light by your bed, and illuminate the path to your bathroom with nightlights.
7. Glare. Too much light can assault your vision too. The Centers for Disease Control and Prevention recommends hanging lightweight curtains or shades and lighting a room uniformly.

If you’re 62 or older and need to make home improvements, such as lighting changes or minor construction, areverse mortgage can help you pay for them. To learn about more ways to avoid falls, check out my previous article “9 Steps to Preventing Falls: More Than Home Design.” For more information about a Reverse Mortgage in The Villages, Florida, call 800-486-8786 ext 813. Disclaimer: This post is not meant as individual advice. See your doctor for personal recommendations.

 

 

 

Reverse Mortgages in The Villages, Florida Equal Money for Elderly Homeowners

Reverse Mortgages Equal Money for Elderly Homeowners
By Nathaniel Hutchinson

Home Equity Conversion Mortgages can provide money for elderly homeowners in need by allowing them to tap the equity in their home as a line of credit, in one lump amount or as fixed monthly payments.

Ideal for senior citizens in need of cash to pay for health care costs and living expenses, HECM reverse mortgages allow homeowners to remain in their homes without having to make any monthly payments. (They do pay their real estate taxes and homeowners insurance.)

What is a reverse mortgage?

Insured by the federal government and provided by private lenders, the HECM reverse mortgage is a form of equity release that allows seniors over the age of 62 to access their home equity to cover emergencies or to pay for early retirement. The loan does not have to be repaid as long as the borrower remains in his or her home; however, the homeowner must continue to pay taxes and insurance on the property.

Have you considered how to pay for care if you should need it? What if you need home care? You may be healthy now, but if you are 62 or older and looking at the possibility of rising medical costs, prescriptions or home care, then a Reverse Mortgage from iReverse could be the answer. Reverse Mortgages have helped many seniors live stress free in their golden years by using the equity in their homes! We provide Reverse Mortgages in The Villages, Florida  and the surrounding communities. Call us today, 800-486-8786 ext 813.

Facts About Reverse Mortgages in The Villages, Florida

Reverse Mortgage Facts
source: www.reversemortgagescompared.com

What Is A Reverse Mortgage?

Reverse Mortgages are a form of equity release, it allows a borrower to turn the equity that has been built up in a home into cash. This cash can be received through a lump sum payment, an ongoing monthly payment or a combination of both. What separates reverse mortgages from traditional mortgages is that the loan does not need to be paid back until one of the following occurs; the owners/borrowers sell the house, the house is no longer the primary residence (this occurs when the owner do not live in the house for a period of 364 consecutive days or more. Usually as a result of moving into a nursing home or retirement village), or they pass away.

Reverse Mortgage Requirements

There are a number of requirements that must be met before a borrower can be deemed eligible for a reverse mortgage, these requirements are as follows:

• 62 Years of age or older
• Own home outright or have a mortgage balance that can be paid in full with the proceeds of the loan
• Must be the principal residence of the borrower. For example, holiday homes are unable to have this type of loan applied to them

 

The borrowers must not have a pending or current bankruptcy. If they do then court approval is necessary before closing.

If you have questions about Reverse Mortgages in The Villages, Florida, contact our Specialists at iReverse. We are dedicated to providing you with the knowledge you need to make decisions for your future. Call today, 800-486-8786 ext 813.

 

Frequently Asked Questions about Reverse Mortgages in The Villages, Florida

The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program, which enables you to withdraw some of the equity in your home.  The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more.  You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301 or downloading their free booklet, “Use Your Home to Stay at Home,” a guide for older homeowners who need help now. It is smart to know more about reverse mortgages, and decide if one is right for you!

1. What is areverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you.  However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You do need to pay your real estate taxes and homeowners insurance.  You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

2. Can I qualify for FHA’s HECMreverse mortgage?

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287.

If you would like to speak to a Specialist regarding reverse mortgages in The Villages, Florida, Contact iReverse Home Loans. We are dedicated to providing you with the information you need to plan for your future. Call 800-486-8786 ext 813 for more information.

 

 

Reverse Course: The Changing Public Policy Landscape of 2011 and the Year Ahead
by Emily Vannucci, reversereview.com

With more than 10,000 American Baby Boomers reaching retirement each day, it is more important than ever to preserve and develop alternative methods of financing retirement and the unexpected costs that materialize late in life.

For seniors trying to find the right balance of financial resources for their retirement years, having more options to consider is better than fewer, and the reverse mortgage industry is planning for that reality. The good news for those seniors is that the industry is battling to preserve as many financial tools as possible, including Home Equity Conversion Mortgages (HECMs).

There is no question that 2011 was a very busy year for the reverse mortgage industry. The political upheaval and social unrest of the 1960s led rock-n-roll legend Bob Dylan to croon, “The times, they are a-changin’.” For the reverse mortgage industry, 2011 felt a little like 1969 all over again.

 

For information about a Reverse Mortgage in Florida, contact Bob at iReverse Home Loans. He can help you with the knowledge you need to move forward toward a stress free retirement. Call 800-486-8786 ext 813.

 

 

Have you considered how to pay for health care if you should need it? What if you need home care? You may be healthy now, but if you are 62 or older and looking at the possibility of rising medical costs, prescriptions or home care, then a Reverse Mortgage could be the answer. Reverse Mortgages have helped many seniors live stress free in their golden years by using the equity in their homes! We have access to a full range of mortgage sources and our lending specialists are dedicated to finding the right loan-with the best rates, terms and costs-to meet your unique needs.  If you would like information about a reverse mortgage in The Villages, Florida, contact iReverse Home Loans.

What is a Reverse Mortgage
source reversemortgage.org

A reverse mortgage is a loan available to people over 62 years of age that enables a borrower to convert part of the equity in their home into cash.

Reverse mortgages were conceived as a means to help people in or near retirement and with limited income use the money they have put into their home to pay off debts (including traditional mortgages), cover basic monthly living expenses or pay for health care.  There is no restriction on how a borrower may use their reverse mortgage proceeds.

The loan is called a reverse mortgage because the traditional mortgage payback stream is reversed.  Instead of making monthly payments to a lender (as with a traditional mortgage), the lender makes payments to the borrower.

If you have questions or are ready to begin the process for a reverse mortgage in The Villages, Florida, call Bob at iReverse at 800-486-8786 ext 813.

 

Aging In Place With Help From A Reverse Mortgage in The Villages, Florida

Everyone wants to stay in their home while they age. Moving and giving up the familiarity of the home you have worked so hard to build is not what you had in mind for your retirement. If you are 62 or older, you should look into a Reverse Mortgage. Reverse Mortgages allow you to stay in your home and can provide the income you need to make changes to accommodate your aging years. Enjoy this article and contact iReverse Home Loans for information regarding a reverse mortgage in The Villages, Florida.

Aging In Place  
Courtesy of ARAcontent

(ARA) – Aging in place – updating one’s home to accommodate changing needs and abilities as one ages – doesn’t have to mean sacrificing a home’s style and decor. From attractive lighting designed to work well for aging eyes to barrier-free shower stalls that compete in beauty and practicality with what you might find in a luxury community for those 55 and older, plenty of home modifications now make it possible to age in place gracefully and stylishly.

“It’s no longer necessary to give up your home’s good looks for a more institutional-looking appearance just to achieve a safer, more usable house,” says Eric Kozak of Premier Care In Bathing, leading makers of walk-in baths. “You can age in place and retain the style that makes living in your home comfortable and safe, and maintain your independence at the same time.”

With more than 78 million baby boomers growing older in the United States, aging in place – and how to do it well – is a hot topic for many homeowners. If you’re planning ahead or thinking it’s now time to update your home to accommodate changing needs, keep a few things in mind:

Kitchens and baths are commonly the most challenging rooms in the house for people, like many seniors, with mobility issues. Updating these rooms can go a long way toward helping you stay in and enjoy your own home for as long as possible. “Bathrooms, in particular, pose safety issues. Falls are one of the leading reasons seniors must go into nursing homes and most home falls occur in the bathroom,” Kozak says.

When renovating your bathroom, focus on the important elements, including low-level entryways, accessible grab bars, easy grip faucets and showers with safety screens. Other elements include safer, slip-resistant flooring; brighter, more flexible lighting; and safe access to the shower or bathtub.

Walk in showers

Stepping in and out of a tub or shower is one of the riskiest times for people with mobility challenges. Appropriately placed grab bars – now available in designer colors and textures – can help improve safety in these high-risk areas. Another option that’s high on safety and style is to replace a current shower or tub with a walk-in shower like those now offered by Premier Care In Bathing, whose walk-in bathtubs have made bathing safer and more convenient for thousands of Americans with mobility issues. The walk-in showers are a good option for wheelchair users or in rooms where a full-size tub is not practical.

Flooring

That tile floor that you adored in your 40s can be a slip hazard when you reach your 70s. In fact, any hard bathroom floor surface such as linoleum, vinyl or tile can put you at increased risk of slipping and falling. Carpeting might be a better option, one that is slip resistant and warmer and softer on the feet. Many manufacturers now offer materials that are attractive and able to repel moisture. If installing carpeting isn’t practical for you, use area rugs with sticky backing to help ensure safe footing in high traffic areas, like in front of the commode, sink and bathtub.

Lighting

Aging eyes not only need more light to see, they need better quality light, especially at night. Avoid dim lighting; older eyes need several times more light than younger eyes to see well, experts say. Increase the amount of light in your bathroom and consider using naturally brighter bulbs like compact fluorescent bulbs, which are also energy-efficient.

Be aware of glare, as well. Bright lights bouncing off all-white bathroom surfaces can create glare that makes it difficult to see and navigate for older people, especially at night when they may not be fully awake. If your bath is all white, paint the walls a light color in a finish that will help reduce glare. Use area rugs on white floors to help break up the expanse of white and reduce glare.

“Boomers aging in place will find more options than ever before to do so with style,” Kozak says. “Safety should be your first concern, but you can also enjoy good style and beautiful design as well.”

To find out more about a Reverse Mortgage in The Villages,Florida, contact iReverse Home Loans at 800-486-8786 ext 813. Bob and his team can answer all of your questions and provide you with the knowledge you need to help you stay comfortably in your home.

What A Reverse Mortgage in The Villages, Florida Can Do For You

If you are 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – consider a reverse mortgage.  A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.

With a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. The proceeds of a reverse mortgage are generally tax-free, and many reverse mortgages have no income restrictions.

Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments.

Reverse mortgages are the perfect solution for any baby boomer who wishes to remain in their home. Instead of moving to a new location, a reverse mortgage can help to make those ‘aging’ home improvements. Redo the bathroom with a walk in tub or shower, add a main level bedroom, redo the floors and lighting.

There are many things you can do with a reverse mortgage to help you live stress free in your golden years.

For more information about a reverse mortgage in The Villages, Florida or the surrounding area, contact your Reverse Mortgage Expert at iReverse Home Loans. We have helped many seniors with the knowledge they need to live comfortably in retirement. Call 800-486-8786 ext 813 today!

 

 

Using Your Home To Stay At Home With a Reverse Mortgage in The Villages, Florida

Like most Americans, as you grow older, you want to live in your own home as long as possible. But, you may be finding that, as time goes on, it’s becoming more and more difficult to handle everyday tasks. The extra expenses for elder care can become a heavy burden on someone with a limited income.

Many Americans originally bought their homes as a financial resource for emergencies. But many people do not know how to make use of this resource when the time comes. One option is a reverse mortgage.

In total, these households could access as much as $695 billion in home equity through reverse mortgages. For individuals, the extra cash could go a long way to help with family caregiving and other long-term care expenses. For example, a 75-year-old homeowner living in a property worth $100,000 could receive enough funds to pay a family caregiver $500 a month for almost 12 years; $1,120 a month in adult day care services for almost five years; or $2,160 a month in home care—daily care for at least four hours—for 2.5 years.

With a reverse mortgage you  retain title to your home. You won’t have any mortgage payments, although you will be responsible for homeowners insurance, property taxes and upkeep on your home. But you’ll now have a monthly check to pay for those expenses, or a pool of money in the bank to cover emergencies.

To learn more about a reverse mortgage in The Villages, Florida, contact the Experts at iReverse Home Loans. We can help answer all of your questions and give you the knowledge you need to secure your retirement future. Call 800-486-8786 ext 813 today!