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Reverse Mortgage Tips - Coming of Age TV

Reverse mortgages are a hot topic among retirees these days, as well as those thinking about retirement. But beware, a reverse mortgage is not for ...

What You Should Know About Reverse Mortgages

As housing costs increase, so does the cost of living for those on fixed incomes. For many elderly homeowners, reverse mortgages are seen as a viable solution.

Reverse mortgages allow homeowners over the age of 62 to borrow against the equity they have in their homes, meaning the bank or lender that issues the reverse mortgage pays the homeowner, decreasing their equity and increasing their debt.

During the course of one woman’s struggle with her reverse mortgage, NBC 7 Responds learned some useful information you should know when seeking out a reverse mortgage:

Talk to at least three companies before signing on the dotted line.
There are many options and many lenders offer different terms. Make sure you know those options and which ones make the most sense to you.

Help clients face up to long-term care

When advisors try to broach the topic of long-term care with clients, they often hit a brick wall of denial. This makes it even more urgent that they do everything possible to break down resistance.

“What I hear most often is, ‘It won’t happen to me,’” says elder care attorney Robert Fleming. “And then it’s, ‘I’ll off myself if it does, or go on Medicaid if I can’t go through with it.’ You’ve got a lot of planning by denial going on out there.”

Clients are unlikely to bring the topic up on their own — unless they’ve seen someone close to them have to deal with declining health, says Kyle DePasquale, a wealth advisor for Sentinus in Oak Brook, Illinois.

“Ideally, it shouldn’t take something like that to get the ball rolling,” DePasquale says.

Besides the fact that death and illness are never easy subjects to introduce, the statistics are daunting. Clients who retire this year at age 65 will need to come up with about $280,000 to pay for health care and medical expenses through retirement, according to Fidelity. That’s up 75% from Fidelity’s first estimate of $160,000 in 2002.

can a disabled person apply for reverse mortgage at age 55?

I'm 55 years old and physically disabled from the waist down, mortgage payments are difficult to meet and I would like to apply for a reverse mortgage, Is this possible?

disability is not a criteria for qualifying for a reverse mortgage; only age. currently, everyone on title must be 62 years old by the time the loan closes.

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