Roll of Reverse Mortgages

The reverse mortgage is a valuable "safety net" for seniors with low incomes, and those who need hight levels of care. Lenders can play a key role to help ensure that older homeowners have the resources they need to assist seniors in aging at home by:

• Filling the public funding gaps - Older homeowners have an extremely difficult time pulling together funding from public programs that currently do not work together.
• Expanding funding options - Most public programs target seniors who have limited financial resources or run out of money paying for care.
• Providing rapid access to funds - Public services are often overburdened. Many programs have large waiting lists because the available funds aren't able to meet required demands.

It is so difficult to make financial decisions when a senior reaches the crisis point. Older homeowners must learn to plan ahead to ensure that reverse mortgage funds for living at home will be available when they need them. Planning ahead with a reverse mortgage assists a senior by:

• Utilizing planning solutions - Borrowers have more options to deal with the risk of needing help at home, even if they have not been able to plan far in advance.
• Reducing the fear of an empty bank account - Additional cash from reverse mortgages gives impaired elders the flesxibility to fill unanticipated needs and avoid a cash crunch.
• Providing the "glue" that holds financial plans together - These loans can assist in putting seniors back in a position to use their existing financial resources strategically.

Thinking strategically into the future with a reverse mortgage is the best support a senior can utilize to reduce the fears connected with leaving or losing their home. Many seniors have worked all of their lives to pay off their home. Today, utilizing their home as their bank will assist in their future peace of mind.