What Every Child Of A Senior Should Know About Reverse Mortgages

By Percy Ihara
Wednesday - August 05, 2009
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Now that family members are living longer and healthier lives, reaching retirement age no longer means growing old. At the same time, many worry that their retirement savings is not sufficient to provide a more comfortable life during their non-working years.

For your own peace of mind and for the well being of your older family members, it’s important to plan for the future by talking about the kind of financial help they may need to enable them to “age in place”. If your family members are 62 or older, it may be helpful to learn more about how a reverse mortgage may help them live a life with less worry and fewer restraints.

“A reverse mortgage offers older adults many options, because they can continue to own and live in their homes-while also possibly helping them to pay their bills, make home improvements, travel, help children and grandchildren financially and a lot more,” says FORMTEXT Percy Ihara, CSA.

A reverse mortgage is a way for older adults to access the equity in their homes to pay for their needs and wants while continuing to live in and own their homes. Homeowners age 62 or older who live in the home as their principal residence are eligible. The home has to have little or no debt remaining on it, and meet U.S. Department of Housing and Urban Development’s (HUD) minimum property standards.

A reverse mortgage allows borrowers to retain ownership of the house. They can continue to live in it as long as they want, and the loan doesn’t have to be repaid until they permanently leave or sell the home. However, they are still responsible for paying property taxes and homeowners insurance, and keeping the house in reasonable condition.

“The reverse mortgage process can be easy, and there is a lot of information and resources available to help you learn more about it,” says Ihara.

Ihara suggests that you speak with a reverse mortgage professional to learn more about reverse mortgages.

MetLife Bank offers free, educational materials, including a comprehensive information planner kit and video to consumers who want more information about a MetLife Bank reverse mortgage. He/she can be reached at 368-6747 or neighbor islands call toll-free 1 (866) 369-6747.

“A reverse mortgage can make all the difference, and can help seniors to live better today and be more prepared for the future,” notes Ihara.

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