FHA- Assist

For the Families of Seniors

A reverse mortgage could be an ideal way for your parents to benefit from the wise investment they made in real estate perhaps decades ago. If you are the son or daughter of a senior who is age 62 or older, you should understand the facts about reverse mortgages because many parents consult with their children about estate planning.

  • Get money without moving.

A reverse mortgage can help your parent(s) create a new source of tax-free* money without having to sell their home. In fact, they can stay in the home they love for as long as they'd like.

  • Financial independence.

A reverse mortgage allows seniors to tap into money they've earned in the form of home equity, and avoid having to depend on children or relatives for financial assistance.

  • Keep title to the house.

Your parents retain full title to their home and have no risk of losing the home to the reverse mortgage lender. And no matter what happens to the housing market, your parents can never owe more than the value of their home when it is sold.

  • Proven safe.

Over 350,000 Americans have already benefited from reverse mortgages. The fact is that HECM reverse mortgages are government-insured loans and many safeguards are in place to protect seniors from unethical lending practices.

  • Repayment options.

If your last-remaining parent passes away while living in the home, you, as the heir(s), simply pay off the reverse mortgage loan balance in full. If you—or a sibling or other relative—want to keep the home in the family, you can refinance or use other assets to pay for it. If no one in the family is interested in keeping the home, it can be sold to repay the loan. Any money left over goes to the estate to be shared according to your parents' last wishes.

 

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