Click here to view an informative "Reverse Mortgages Q&A"
(This is a large PowerPoint file and may take a couple of minutes to load)

Dreaming of a life in an Active Lifestyle Community but think you can’t afford it?  Think again…
Today’s Baby Boomers are increasingly trying to find ways to improve their quality of life.  Now with a reverse mortgage, seniors can actually purchase a new home of their dreams without affecting their other assets or monthly income.

Recently we have seen an increase in 55+ communities offering incentives to attract more seniors to their respective community.  In some cases, seniors can actually buy a new home more expensive than the one they currently live in.  This could offer a solution to someone who either needs a better living environment or needs to be on a ranch or one floor living space and perhaps felt this was unattainable because they have no assets other than the house in which they live.

Real estate agents enjoy the benefits of a reverse mortgage also because they can sell the previous home at current market value then help the senior move into a new home of greater value and with more amenities.  A senior can take the remaining proceeds from their previous home’s sale and use it as the down payment on a new home.  They can then obtain a reverse mortgage to make up the difference on the sale price for the new home.  This is especially attractive to a senior where their children are concerned about the current living conditions, if the parent needs some companionship, better monitoring of their parent’s(’) daily activities and an overall better quality of life.

The following are some highlights for seniors who want to use a reverse mortgage to stay in their home or purchase a new one:

A Federally Insured and Guaranteed Financial Product*

·        Government mandated safeguards;

·        Insured by FHA and guaranteed by the Federal Government;

·        Free third party counseling by independent, government approved   organizations;

·        Homeowners retain title and stay in their home until they decide to leave;

·        Federal government regulates the terms of the reverse mortgage.

*HCEMs only (which represent 90% of all reverse mortgages)

Typical Comments from Seniors:

“No longer do I have to tell myself I can’t have something.”

“…once again, I am able to relax and enjoy the life I’ve created with my friends.  No problem meeting the expenses for my medication which is a significant cost.”

“I paid off the existing mortgages and some credit cards.”

“Now I have a guaranteed income for the rest of my lifetime.”

“The reverse mortgage allowed me to help my daughter and grandchildren and enjoy my retirement too!”

“I took some of the money right away and did some fixing up of the house – new paint, a new roof, a termite inspection and repairs.”

Typical Uses of the Proceeds:

·        Pay living expenses

·        Retire debts, primary mortgage

·        Fund property taxes/insurance

·        Make home repairs

·        Delay going into a nursing home

·        Engage in social events

·        Renovate homes

·        Purchase long term care insurance

·        Pay for hospital/healthcare

·        Reduce burden on children

·        Purchase a new home

In most cases, seniors will need to review this option with an expert on how to use a reverse mortgage to purchase a new home.  We can help.  There are no high pressure sales tactics.  Just honest, reliable information on how to improve and enjoy your retirement years.

If you would like more information on how a reverse mortgage can make your life dreams and plans come true, please complete this no-obligation form and I will be happy to answer any questions you may have!

Bill Pearson
Gateway Funding