How Do You Pay For In-Home Care In Oregon If You Are Low On Liquid Funds and Do Not Have Long Term Care Insurance
If you are looking for a more cost effective way to finance in-home care services I have a solution that you should consider.
This solution might just beat the pants off of using credit cards, spending your savings or raiding your other retirement accounts.
With this solution, you can borrow the money you need to pay for in-home care services and you don’t have to make a mortgage payment on it if you choose not to, besides paying for taxes and insurance.
What Is This Amazing Solution?
It is a Home Equity Conversion Mortgage or HECM. It is also known as a reverse mortgage.
What Is A Reverse Mortgage?
A reverse mortgage, also known as a home equity conversion mortgage (HECM) allows home owners 62 and older a way to access the equity in their home without the borrower needing to make mortgage payments on the loan.
With a reverse mortgage, the principal owed increases every month since you are not making payments. The payments, interest and mortgage insurance, are simply added to the loan balance every month. The equity in your home decreases as payments accrue. You are responsible for paying taxes, insurance and other regular costs of homeownership.
The amounts you can borrow are based upon your age, interest rates and reverse mortgage option you choose.
There are several options to choose from when you gain access to your homes equity. You can get a lump sum, home equity line of credit, monthly payments as tenure (for however long you live in the home) or for a fixed amount of time. You can also get a combination of those things.
For example, if you are looking for a way to cover your in home care expenses, you could opt for an equity line of credit. When you need to make a payment for care services, you just write a check from the line of credit.
Have questions? Need more info? Want a no cost proposal? Just give me a call today at 541-773-3131 and ask for Matt Allen, MLO-254296.
Common Reverse Mortgage Myths
The Bank Owns Your Home – FALSE. You own the home. It is just like any other mortgage where there is lien against your property. You can sell it, refinance it, pass it on to your heirs, etc. You are on title to the home, not the bank.
Heirs Can Not Inherit The Home – FALSE. When you pass away, your estate gains control of the property. Your estate has the option of keeping and refinancing the home or selling the home. This would be the exact same as if there was a “regular” mortgage on the home.
Social Security and Medicare Will Be Affected – FALSE. Social Security and Medicare will not be affected by a reverse mortgage. However, some need based programs such as Medicaid may be affected. You should consult with a financial advisor to see how a reverse mortgage may affect your eligibility to these programs.
You or Your Estate Could Owe More Than The Home is Worth – FALSE. The HECM reverse mortgage is a “non-recourse” loan which means that the lender cannot pursue you, your estate or your heirs for any losses associated with the loan.
You Have To Own Your Home Free and Clear To Qualify For A Reverse Mortgage – FALSE. You do not have to own your home free and clear. Your current mortgage and any other liens against the property will need to be paid off. But you do not have to own the home outright.
Why You Should Consider Getting An Oregon Reverse Mortgage
There are many benefits to getting a reverse mortgage. For many homeowners the biggest benefit is no longer worrying about making that monthly mortgage payment. Here are some other benefits to a reverse mortgage:
• Pay for in-home care services
• Paying off your mortgage, debts and other bills frees up more money to live on.
• Cash in hand to update, improve and repair your home.
• Access to your home’s equity through a line of credit for life’s little emergencies.
• Receive additional monthly income for life or a fixed period of time.
• Less stress over finances.
• More income to enjoy life.
• Continue to live in your home for as long as you want.
This list could go on and on and I am sure you can think of many more benefits you will receive from getting a reverse mortgage.
You have worked hard for your house. Now it is time to let it work for you.
Request A No Cost Proposal
Getting started is easy and there is no risk on your part. Just give me, Matt Allen, MLO-254296, a call today at Pacific Residential Mortgage, 541-773-3131. With just some very basic information, I can give you an idea as to how much you may qualify for.
I can answer questions you might have and address any concerns. I’m also happy to speak with family members about this program.
Again, there is no cost to speak with me about your situation, ask questions or request a proposal.
I really look forward to speaking with you.
Sr. Reverse Mortgage Banker
Pacific Residential Mortgage
1555 E McAndrews Rd #301
NMLS-1477 WA CL-1477