We can never know what might or could happen in our lives from day to day. Recently it has been the pandemic of Covid-19 that has killed almost 200,000 Americans as I am writing this and the extreme fall-out from it which has created a massive amount of people who have lost their jobs and businesses.
Then there are the weather events. Massive killer fires in the western half of our country and the East and the South have to face more hurricanes and flooding. No one feels safe anymore and if you are a senior, even less so.
And that is why more seniors are seriously considering using a reverse loan so that they have money that is “banked” and available to them no matter what happens.
One example would be they have an insurance claim for damage to their home and the insurance company is fighting with them over it, at least they have money in the meanwhile to take care of their personal needs until they reach a settlement.
Add in isolation for seniors due to Covid-19, and anxiety about money is not a positive situation, but at the least having enough money reduces some of it, and about how to pay for food, care giving and other monthly expenses.
If a senior has been relying on income from being employed to pay their mortgage payment, but now they are unemployed, they could refinance into a reverse loan that doesn’t have a monthly payment.
But reverse loans have a reputation for being expensive, but are they? They have the same costs as a traditional loan, but many people have heard they are expensive, but in truth, they are not.
Now more than any time in the past, is the time to learn about reverse loans, how much money you could receive, and if doing one is your best option to eliminate your worries and fears about the future.
Contact me for a chat about your situation and find out if a reverse loan be of value to you.