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......All his life, the Minister had tended to the need of others. And when his 83- year- old father was widowed, bills piled up. His parents’ longtime home fell into disrepair. The Minister knew he had to help his proud and independent dad.

......He is not alone. Like him, many seniors and elderly widows are suffering with the continuing increases in the cost of living, sometimes cutting necessary healthcare and basic needs like buying new hearing aids, replacing the broken water heater, or even restricting their prescription drugs. This can lead to chronic health problems and even premature death.

......The Minister was involved in many social programs helping the community and it wasn’t hard for him to find a solution and an option that we want to share to help others.

......After considering several options, he chose one that is the solution for a growing number of Americans: a government-insured, reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM). Money from this kind of mortgage can help make up for income lost when a spouse dies. It can be used to pay for everything from home repair bills to buying prescription drugs. It offers peace of mind for both adult children and their parents.

......Recommended by the National Council on the Aging to help seniors stay in their homes safely and with dignity, it allows the senior homeowner to use some of the appreciated value of the home without monthly payments. Introduced in 1991, the popularity of the HECM has exploded in the last few years. Many changes have been made to the original plan, all in favor of the senior citizen.

......For seniors who are in need of money for emergencies or who are looking to plan ahead and have a reserve fund in place for the time the unexpected may happen, this is an ideal option to consider and the information is free just for the asking.


HECM Basics:

• Homeowners must be 62 or older and plan to stay in their home for several years.
• Funds are tax free, do not affect Social Security benefits, may work with public assistance programs, and no repayment is required as long as the home is the primary residence.
• Any credit rating is OK and no income qualification is required.
• Interest accrual is only on the amount the senior has used.
Title to the property is retained by the senior or his or her heirs. You are not signing your home over to the government.

Financial planning for families

• The HECM program can preserve other assets in the senior’s estate. There are no state or federal taxes on money obtained using this program.
• When the loan is repaid, equity in the property belongs to the senior or to his or her heirs.
• Interest accrued on a HECM is much less than with credit cards or other forms of debt.
• Sometimes money can be a big part of giving your loved one the best possible circumstances. If a HECM is right for you or your family, make sure it’s in place before you need it.

Would you like to know how a HECM could work for you or your parents?

The Reverse Mortgage Experts program Is offering free information and a financial analysis for homeowners who are 62 years old and older. Participants also receive discounts on loan fees.
Information: includes publications in English and in Spanish for seniors who want to stay in their homes.
Financial analysis:We will provide you with a range of plans, benefits, and costs to meet your wishes.
Flexible schedule: For your convenience, we can meet with you in your home.

To participate or for more information please contact:
Reverse Mortgage Experts
ph: 800.462.0655



Salud+HealthInfo is for information and educational purposes only. You should not rely on this information as a substitute for personal medical attention, diagnosis or hands-on treatment. If you are concerned abut your health or that of a child, please consult your family's physician or health provider immediately and do not try to diagnose yourself.

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