Caring for Aging Parents: How a Reverse Mortgage Can Help
One of the biggest concerns for families is caring for their aging parents in the later years of retirement. For many, social security does not cover everything and it might be too late in life for a part time job. The families of retirees need a way to help their parents stay independent without creating an undue burden for their own families. A reverse mortgage can be very helpful in these exact situations.
In California, contact us at Citizens Lending Group today to learn more about reverse mortgage requirements and how the children of retirees can use these loans to help their aging parents stay independent.
How a Reverse Mortgage Can Help Adult Children Care for their Aging Parents
Many families worry that when their parents begin to fall ill late in retirement that they will have to sell their home to cover the surprise medical costs. Coincidentally, most of those families also have no interest in maintaining the home after their aging parents move out. A reverse mortgage can be very helpful in this exact situation.
Before you take a reverse mortgage loan, any good reverse mortgage lenders will help you understand every step of the process and help make sure that you and your aging parents are making the best financial decisions. You may be surprised to learn that a reverse mortgage never requires that your parents move out of the home as long as they still have the ability to maintain it.
A reverse mortgage works by giving your parents the option to access the equity they have built up in their home. The loan has no monthly fees and only has to be repaid when the home is sold. Certain reverse mortgage rules prevent the amount to be paid back from ever exceeding the sale price of the home. This protects both your aging parents and your family from having debt after the loan.
Additionally, because the loan has no monthly fees, and because the credit line cannot be closed for lack of utilization, the money can be available when you need it to help care for your aging parents with no fear that it will be lost. Finally, if there is any monthly payment left on their existing mortgage, a reverse mortgage would eliminate that payment making it easier for your parents to stay in their house.
Contact Us for More Ways a Reverse Mortgage Can Help You Care for Your Aging Parents
Every situation is different. That is why it is important to talk with experts when it comes to any financial decision affecting your family and your aging parents. Contact us at Citizens Lending Group today if you live in California and are curious about reverse mortgage requirements and how they could help in your unique situation.
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Loans made or arranged pursuant to Real Estate Corporation License Endorsement #01814249, California Bureau of Real Estate. NMLS #1109984
These materials are not from HUD or FHA and were not approved by HUD or a government agency.