Health Services - Senior Citizen's Guide
Health Services - Senior Citizen's Guide
Health Services - Senior Citizen's Guide
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they may not be. You may choose to use a reverse<br />
mortgage to help you cover your expenses while you<br />
wait for your retirement savings account to go back to<br />
their pre-recession levels. You may use it to help you<br />
through until home values recover and you can sell your<br />
home for a higher price. A reverse mortgage, like social<br />
security, medicare/Medicaid, IRs and 401-Ks, is an<br />
option in a retirement toolbox—and different situations<br />
require different tools.<br />
When you take a reverse mortgage, the bank owns your home<br />
No, you continue to own your home. And when<br />
you pass on, your heirs own your home, though they<br />
must then pay back the<br />
reverse mortgage. If you<br />
are in arrears on taxes<br />
and insurance, you are in<br />
default and, to keep your<br />
home, you must work with<br />
the lender to catch up on<br />
your obligations.<br />
Salesman insist a senior<br />
use the loan proceeds to<br />
purchase another financial<br />
product as a condition for<br />
obtaining a reverse mortgage<br />
No, this is not legal.<br />
Reverse mortgage lenders<br />
aggressively push seniors to<br />
take the proceeds in a lump<br />
sum so they can earn interest<br />
on a high loan balance<br />
By law a loan originator<br />
must present all options<br />
that are available to you.<br />
<strong>Senior</strong>Citizens<strong>Guide</strong>.com/pgh 27
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