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If your parents don’t feel totally prepared for retirement, they are not alone. Given the financial challenges that older homeowners oftentimes face today, the option to tap into home equity can alleviate stress for them as well as their family members.
When talking about tapping into home equity with a reverse mortgage, there can be a lot of potential benefits, along with a lot of information to digest. Even the most financially savvy homeowners should take their time to learn about this type of loan and its benefits, and it is very prudent to have questions.
Here are 5 talking points to help guide the conversation with your parents about how a HECM (Home Equity Conversion Mortgage) reverse mortgage can potentially help.
A reverse mortgage can provide relief to qualifying homeowners, 62 and older. Talking about the benefits can help show the ways in which a reverse mortgage could help your parents or other loved ones.
Contact a Finance of America Reverse Mortgage Specialist today to discuss further options and details.
*If the borrower does not meet loan obligations such as payment of property taxes, fees, hazard insurance and maintaining the home, then the loan will need to be repaid. The home must be the primary residence.