Reverse Mortgages: Is a reverse mortgage right for you?Ã‚Â
There seems to be a lot of curiosity (and skepticism) these days around the reverse mortgage products on the market. Of course, we have all seen the infomercials featuring Fred Thompson, Henry Winkler, and others touting the many virtues of the Reverse Mortgage for older homeowners, but why should we take a closer look? Here are a few reverse mortgage tips.
1.Ã‚Â Ã‚Â Ã‚Â Ã‚Â Not only can seniors over the age of 62 use a reverse mortgage to access the equity in their current residence, in most U.S. states including California, they can also use the reverse mortgage to purchase a new home. This presents savvy agents specializing in the seniorsÃ¢â‚¬â„¢ niche with a unique value proposition and tool to list and sell more homes.
2.Ã‚Â Ã‚Â Ã‚Â Ã‚Â As older adults with current reverse mortgages (many now in their 80Ã¢â‚¬â„¢s and 90Ã¢â‚¬â„¢s) are taking advantage of the up-tick in the market and liquidating their primary residence in search of senior living communities, their agent will be looked upon as their guide and expected to assist in navigating the reverse mortgage payoff.
3.Ã‚Â Ã‚Â Ã‚Â Ã‚Â Because many older adults choose to age-in-place as long as they can, they often use reverse mortgages to make necessary home modifications. The reverse mortgage product are often appreciated and thus called upon first when it is time for the homeowner to make a move.
Seven Gables Real Estate