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!