What's With Seniors, Why They Are Afraid of a Reverse Mortgage?

Q: So Why is it that they still fear it?this does mean life until the last person dies or moves
A: Well the number one reason that I have found isout of the home.
they still lack the understanding of the safety of the3. They can setup a credit line that keeps growing and
mortgage. They listen to everyone in the media whonever adds to the loan balance until the money is
says it's bad!actually used.
Q: So why does the media say it is a bad program?4. They can choose any one of the different ways to
A: The media always plays their stories to the badcontrol the money it's up to the senior no one can tell
side of everything this is a Fact. Listen or Read athem how or what to do with the money.
Newspaper or article how many times you really getQ: What does it take to qualify for a Reverse
good news on the front page or as a lead story. BadMortgage?
News Sells this is the facts. The other issue is in mostA: This is the easiest part for any senior! If a senior or
cases the person who is doing the story is not acouple they must be 62 years or older. They must
senior who is in trouble financially or has seen their lifehold title to the home it does not have to be free and
saving disappear.clear but it should have at least 50% equity.
Q: So what makes this Mortgage have a 97%Q: Can the Bank take my Home?
satisfaction Rate over other programs?A: No Plain and Simple the bank does not take title to
A: Well let's look at the program and what it does foryour home you remain the owner at all times.
seniors that NO other mortgage or public program canQ: What about my children or heirs?
do.A: This is a question that many seniors ask and the
easy way to answer this is simple If you needed
1. It allows a senior to use their number one asset andmoney and not just five dollars to pay for medical,
convert it into cash or credit line without having totaxes, or other large expenses would your heirs or
qualify.children send or be able to send you the money just
2. Once they have a Reverse Mortgage they neverbecause you asked? Here is the answer to the 64
have to make a mortgage payment ever again in life.Thousand dollar question they are in most cases
3. They can remain in their home for the rest of theirsuffering the same financial issues as you and in some
life; No one can ever take the home for failure tocases even more the economy has not chosen who
make their mortgage payment.to hurt it affects everyone in different ways.
4. Having money to pay for necessities such asHere's my question to you the reader!
medicines, healthcare, even trips or just going to theQ: Where is it written and who said that it is the
movies if they wish. In other words More Freedomresponsibility of a parent to leave anything to their
The only requirement that they have to make is whatchildren or heirs? If you have this answer please post it
they must do in any mortgage, Pay Taxes, Payso everyone can see that this is not nothing but a
Insurance, live in their home and keep the up keepfalsies. The only obligation that seniors have is to you;
goingand to give yourself the life you worked their entire life
Q: So how can a senior receive the money?for and not put a burden on anyone else financially.
A: This is the best part the senior can choose toNow that does not mean they cannot ask or receive
receive the money in a multitude of ways that theyhelp from family for other issues if they take care of
can change over time.their financial lives and keep their heirs from incurring
1. Such as first they can take all of the money at once.debt when you are gone.
2. They choose to have a monthly income for life and