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The only and most comprehensive directory of services, facilities and guidance professionals serving the lifestyle and needs of senior adults and their families, this 68-page, full color SENIOR SOLUTIONS RESOURCE GUIDE reaches over 25,000 Medina County area seniors.

Improve Cash Flow,

Eliminate Mortgage Payments for Life,

and Stay in Your Own Home.

Seniors Can Use their Home’s Equity

However They Wish with a Reverse Mortgage

A Canton, Ohio couple built

their dream home on a golf course,

enjoying the life they had worked

and planned for together. When

the husband was diagnosed with

cancer a decade later, they feared

that if he did not survive, with

only one salary, the wife would

struggle with mortgage payments.

Then they learned how a reverse

mortgage could completely eliminate

mortgage payment as long

as either of them were alive, and

remained living in their dream

home. They can now focus on

the husband’s health and enjoy

life without mortgage payments

for the remainder of their lives!

Though he continues to battle

the disease, his outcome appears

favorable.

Pay Off Debt,

Buy a Home,

Increase Cash Flow

Insured by the Federal Housing

Administration, home equity

conversion mortgages (HECMs)

allow people who are 62 or older

to tap a portion of their home equity

without having to move. You

can use a HECM to buy a home,

make home repairs, cover health

needs, or pay for the challenges

that may come with aging. It can

be another excellent tool in your

financial planning.

The loan is repaid after the borrower

moves out or dies.

Eligibility

Seniors who own their primary

residence outright or have small

mortgages and are not delinquent

on any federal debts may qualify.

Eligible property types include:

single-family homes; a two- or

four-unit homes with the borrower

living in one unit; HUD-approved

condo projects; or FHA-compliant

manufactured homes.

You Never Owe More

Than the Home’s Value

- No Matter How Much

You Borrow

You will never owe more than

the value of your home in a reverse

mortgage loan, regardless of how

much you borrow. And if the balance

is less than your home’s value

at the time of repayment, you or

your heirs keep the difference.

Learn how much you can receive

from a reverse mortgage on your

primary residence by consulting

with a reverse mortgage professional.

Don Corbett (NMLS# 1613709)

is a certified reverse mortgage specialist

at Senior Mortgage Advisors in Akron,

Ohio.

32 www.MedinaSeniorServices.org

33

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