Parents Reverse Mortgage

It’s an all too familiar saying that many seniors who own real estate are "equity rich" and "cash poor". But what good is equity if they can’t tap into that asset. A Parents Reverse Mortgage can provide the additional income that can put your parents back on the road to financial independence and a more comfortable lifestyle.

Below you will find "frequently asked questions" or "FAQs" that children wanting to help their parents often ask:

What is a Parents Reverse Mortgage? A reverse mortgage for senior parents is a government backed and regulated real estate loan that allows seniors over the age of 62 to tap into some of the equity they’ve earned in their home. This gives seniors the cash that they need to fix up their house, pay off mounting bills, enjoy life more or just survive.

My parents are on a fixed income, what is the monthly payment? With a reverse mortgage there is no monthly payment. All payments are deferred until a later date.

What can Mom and Dad use the money for? There are no restrictions on your parents reverse mortgage proceeds. They can do anything with the money, they can pay off debt, put it towards medical bills, make home improvements, or simply have the peace of mind that comes with money in the bank. The money can be drawn in one lump sum or over time with installments. An equity line of credit is also an option for them with this program.

What happens to the home during the loan period? Your parents retain the title to their home. The loan can be paid back at any time like most other mortgages.

Do my parents have to pay taxes on this money? Any money received from a reverse mortgage is not considered income because it is a loan against the equity in the home.

What if the property is in a real estate trust? We know top lenders who are experts at helping your parents navigate through the process of obtaining a reverse mortgage on a property currently held in a real estate trust.

Will we lose my parents home down the road? With a reverse mortgage Seniors can stay in their home as long as they would like. Heirs will still receive the property down the road and the mortgage is subject to payback just as with any other loan.

Can we payback the loan and keep the home? A reverse mortgage can be paid back at any time. A reverse mortgage can be a financial tool that allows your parents to enjoy their retirement years.

Is the loan Insured? Over 95% of Reverse Mortgages taken out today are Federally backed, regulated and fully insured by the Federal government.

How can I help my parents obtain a Reverse Mortgage? Call today and one of our experts can help you and your parents learn more about reverse mortgages!

For Expert Help for You and Your Parents Call 800 801-1375

Next Steps for Helping Mom/Dad

Adult children cannot apply for a reverse mortgage for their parents but they can do the following: