How a Reverse Mortgage can help Senior Homeowner
Article submitted by Melissa Post, Reverse Mortgage Specialist – Silex Financial Group. Mortgage Originator NMLS #226263. Call 973-229-5170 for more information or connect with Melissa through Facebook.
Melissa Post has been in the mortgage industry for over 21 years and has found her passion in helping the elderly community with reverse mortgages. She is dedicated to educating you about reverse mortgages and to help you determine if one might be the right choice for you.
In addition to helping with the reverse mortgage, Melissa has compiled a list a resources from New Jersey counties and shares what she has learned with seniors in need. During her experience with her own mother, Melissa came to the conclusion, like many others, that the senior population is often forgotten and there are a lot of areas that need improving.
More about Reverse Mortgages
A reverse mortgage allows homeowners 62 or older to convert part of the equity in their homes into tax free income without having to sell the home, give up title, or take on a new monthly mortgage payment. It is called a reverse mortgage because the flow of payments is reversed compared to a traditional mortgage. The lender makes payments to you, or provides a line of credit.
With a reverse mortgage, you retain title to your home and the loan is repaid when you permanently leave your home. There are many ways to use a reverse mortgage, below are only a few:
- Pay off your forward mortgage to reduce your monthly expense
- Maintain a standby cash reserve
- Pay for short term or long term home care
- Remodel your home to accommodate aging
- Maintain a line of credit (that grows) for health emergencies
- Delay collecting social security benefits
- To purchase a home (yes, you read that right – you can use a reverse to buy a home too!)
Reverse mortgages have helped thousands of seniors stay in their homes with security, independence and dignity. Contact Melissa today to see if a reverse is right for you.
More about Melissa Post
About the Author: Melissa Post has been in the mortgage industry for over 21 years and has found her passion in helping the elderly community with reverse mortgages. Melissa is with the Silex Financial Group located in Hawthorne, New Jersey. Mortgage Originator - NMLS #226263. If you have questions you can reach Melissa Post at 973-229-5170.
© 2016, All Rights Reserved by Melissa Post, Reverse Mortgage Specialist - Mortgage Originator, NMLS #226263
Posted May 2016 on www.SeniorsResourceGuide.com