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A Guide To Aging In Place
Learn How To Use A Reverse Mortgage To Buy A House
See the Top 10 Home Improvements for Seniors
Find Out What The 2008 COLA Increase Means To You
Just The FAQs: Answers to Common Questions About Reverse Mortgages
See the Top 10 Reasons Seniors Get Reverse Mortgages
See the Top 10 Myths About Reverse Mortgages
Learn About Using A Reverse Mortgage As An Estate Planning Tool
Learn About Reverse Mortgage Safeguards
Learn About Pros and Cons of Reverse Mortgages
Using Reverse Mortgages For Health Care
Reverse Mortgages as an Estate Planning Tool
The Reverse Mortgage can easily become an integral part of your overall estate plan.
As a non-recourse loan that releases home equity and converts it into tax-free cash, there are no restrictions on what you use the money for. You will continue to own the home and no monthly payments are required to be made as long as you reside in your home.
Funding for Healthcare or Long-Term Care Insurance
Most Americans recognize the need for a long-term care insurance program to both protect their assets and relieve any potential burden on their family. Many Seniors, when faced with this situation are forced to use their savings or impact their monthly income for long-term care coverage. A reverse mortgage allows seniors to stay in their homes, be self-sufficient, and not deplete existing savings or income.
Maximize Legacy Asset Transfer
While a home may hold a great amount of emotional value for a family, the reality is that in most cases, the property is sold after the owner’s death. The heirs are often forced to sell the property in a volatile real estate market with no guarantees. After the sale, which may drag on due to market conditions, heirs may be faced with inheritance and/or capital gain taxes on the proceeds. The net proceeds are often less than the perceived value of the home. If a reverse mortgage is used to purchase life insurance, this scenario typically translates into greater wealth transfer to the heirs.
Provide Funding for Estate Taxes
When the tax-free equity release is used to fund life insurance products, a reverse mortgage can be a creative and effective way to secure the future for heirs. It gives homeowners, particularly those with substantial wealth built up in their homes, the comfort of having more control over their estate and assuring the legacy they leave retains its value by:
- Lowering the total estate value subject to taxes.
- Providing life insurance proceeds for the homeowner’s heirs to pay estate taxes.
We specialize in helping people learn more about the benefits of reverse mortgages and provide assistance should you decide that a reverse mortgage is for you. We do not offer any kind of insurance products or estate planning services, but we can easily refer you to some of the best in the country who do provide those services should you wish to learn more about them.
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