For the Families and Advisors of Seniors

For the Families and Advisors of Seniors

In many Reverse Mortgage transactions, the immediate family members take on a crucial role as advisors to the transaction process. Most often, the children of the senior are the most trusted advisor when it comes to a senior's finances. However, a family friend, a trusted advisor, or someone who has a genuine interest in helping the senior party can also be of assistance, especially in the absence of a close family member. It is recommended that the family members or advisors be involved in the initial meetings, the presentation and the HUD counseling service to make sure that everyone fully understands the entire Reverse Mortgage process.

If you are acting as an advisor to a senior homeowner, there are several things you should know about reverse mortgages and how they can help seniors live more comfortably and securely.

• A safe, proven choice.
A HECM FHA Reverse Mortgage is a government-protected financial tool that has helped over 150,000 seniors enjoy better lives. Many safeguards are built into the program to protect seniors from predatory lending practices.

• The best of both worlds.
A Reverse Mortgage can be the right choice for senior homeowners who need additional income without having to sell their homes to raise cash. With a reverse mortgage, the homeowner can get a monthly payment, a line of credit or a lump sum distribution without having to move or give up title to the home.

• Ideal liquidity tool.
A reverse mortgage is an ideal way to create liquidity from a real estate asset. This liquidity can enable seniors to pay bills, make home repairs, retire an existing mortgage, or to purchase such health-related services as long-term care insurance.

• Tax-free money.
Since a reverse mortgage taps into existing home equity, the proceeds are not taxed as income

Senior Finance Network - 10121 W Sample Rd. - Coral Springs, FL 33065
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