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