REVERSE MORTGAGE INFORMATION
Reverse Mortgages can be a Life-Changing Event
More than 42 percent of all retirees will have significantly less income at age 80 than they did at
age 67, according to a study by the Urban Institute. At the same time, Retirees have a number of
options to ensure they have sufficient income including a reverse mortgage.
Two life-changing events, such as the death of a spouse or the onset of poor health, can decrease
the wealth and income that, at the time of retirement, may have seemed sufficient to last a lifetime.
The largest decline in wealth and income among retirees occurs for those who become widowed
or divorced: median wealth declines as much as 44 percent, income falls by a staggering 37
percent, and 33 percent fall below or near the poverty level.
A decline in health can have a severe impact on the economic well-being and security for retirees.
Almost 30 percent of those between the ages of 67 and 80 will experience the onset of poor
health, which will decrease their wealth by 38 percent and their income by 13 percent.
The study concludes that current retirees who experience a life-changing event will have a
$16,000 drop in their yearly income.
Unfortunately, these retirees are still faced with the rising cost of living, putting their financial
future at risk. So, what can you or someone you care for do? Here are three options to consider:
1. Contact the Area Agency on Aging (AAA) to discover what kind of programs and
assistance are available to you. AAA’s nationwide toll-free number is 800-677-1116.
2. Contact the Social Security Administration (SSA) to see if you qualify for Supplemental
Security Income (SSI) to meet your basic needs. SSA’s nationwide toll-free number is
800-772-1213.
3. Take out a reverse mortgage.
A reverse mortgage enables homeowners 62 and older to convert the equity in their home into
cash for any purpose. The best part is that there is no repayment for as long as the homeowners
live in their home. Credit and income are not used to qualify, and Social Security and Medicare
benefits are not affected.
When the homeowners no longer live in their home, the reverse mortgage is typically repaid from
the sale of the home. There is no debt left to heirs since the lender can only look to the property
for repayment. Reverse mortgages are growing in popularity as public awareness increases and associated costs continue to decrease.
The Department of Housing and Urban Development (HUD) recently approved a single national
loan limit of $417,000 from the previous limits ranging by county from $200,160 to $362,790.
This new higher loan limit is expected to increase the number of retirees who qualify for a reverse
mortgage, and to enable existing reverse mortgage borrowers to refinance their reverse mortgage
to receive more money from their home.
We have worked with many widows and widowers to replace the income lost when their spouse
passed away, With a number of reverse mortgage programs and pay out plans to choose from, we are able to provide the flexibility to meet the needs of our senior customers and to supplement their retirement income so they may be financially independent and secure for life.” nrmec.org provides you with a free reverse mortgage informational package and confidential estimate.
You may also receive a free copy of AARP’s publication “Home Made Money, A Consumer’s
Guide to Reverse Mortgages” by calling 800-209-8085.
So, the good news is that retirees now have many options available to assist in realizing a more
comfortable retirement free from dependence, want, and deprivation.
age 67, according to a study by the Urban Institute. At the same time, Retirees have a number of
options to ensure they have sufficient income including a reverse mortgage.
Two life-changing events, such as the death of a spouse or the onset of poor health, can decrease
the wealth and income that, at the time of retirement, may have seemed sufficient to last a lifetime.
The largest decline in wealth and income among retirees occurs for those who become widowed
or divorced: median wealth declines as much as 44 percent, income falls by a staggering 37
percent, and 33 percent fall below or near the poverty level.
A decline in health can have a severe impact on the economic well-being and security for retirees.
Almost 30 percent of those between the ages of 67 and 80 will experience the onset of poor
health, which will decrease their wealth by 38 percent and their income by 13 percent.
The study concludes that current retirees who experience a life-changing event will have a
$16,000 drop in their yearly income.
Unfortunately, these retirees are still faced with the rising cost of living, putting their financial
future at risk. So, what can you or someone you care for do? Here are three options to consider:
1. Contact the Area Agency on Aging (AAA) to discover what kind of programs and
assistance are available to you. AAA’s nationwide toll-free number is 800-677-1116.
2. Contact the Social Security Administration (SSA) to see if you qualify for Supplemental
Security Income (SSI) to meet your basic needs. SSA’s nationwide toll-free number is
800-772-1213.
3. Take out a reverse mortgage.
A reverse mortgage enables homeowners 62 and older to convert the equity in their home into
cash for any purpose. The best part is that there is no repayment for as long as the homeowners
live in their home. Credit and income are not used to qualify, and Social Security and Medicare
benefits are not affected.
When the homeowners no longer live in their home, the reverse mortgage is typically repaid from
the sale of the home. There is no debt left to heirs since the lender can only look to the property
for repayment. Reverse mortgages are growing in popularity as public awareness increases and associated costs continue to decrease.
The Department of Housing and Urban Development (HUD) recently approved a single national
loan limit of $417,000 from the previous limits ranging by county from $200,160 to $362,790.
This new higher loan limit is expected to increase the number of retirees who qualify for a reverse
mortgage, and to enable existing reverse mortgage borrowers to refinance their reverse mortgage
to receive more money from their home.
We have worked with many widows and widowers to replace the income lost when their spouse
passed away, With a number of reverse mortgage programs and pay out plans to choose from, we are able to provide the flexibility to meet the needs of our senior customers and to supplement their retirement income so they may be financially independent and secure for life.” nrmec.org provides you with a free reverse mortgage informational package and confidential estimate.
You may also receive a free copy of AARP’s publication “Home Made Money, A Consumer’s
Guide to Reverse Mortgages” by calling 800-209-8085.
So, the good news is that retirees now have many options available to assist in realizing a more
comfortable retirement free from dependence, want, and deprivation.