Is a Reverse Mortgage Right for you?

St. Louis, Missouri and Tri-State Area senior residents have questions about reverse mortgages

A lot of people talk about reverse mortgages, but it is sometimes difficult to understand whether a reverse mortgage is right for you. In short, a reverse mortgage is a financial product where the bank loans you money using your home as equity. Depending on the terms of your reverse mortgage, you can receive the loan in one or multiple payments. Because reverse mortgages are limited to seniors with significant equity in their homes, the loan is considered a lower risk for lenders.


Do I qualify for a reverse mortgage?

The basic qualifications for a reverse mortgage are very specific. You must (1) be at least 62 years old, (2) live in your home as a primary residence, and (3) have paid off some or all of any mortgages on your home. There are other considerations as well, but the key components are your age and your ability to afford the loan based upon your equity in your home.


Should I apply for a reverse mortgage?

Every individual's personal and financial circumstances are unique. Just because you might qualify for a reverse mortgage, does mean that you should get a reverse mortgage. Reverse mortgages are available for a variety of purposes such as obtaining cash, refinancing, the purchase of another property, or even particular purposes like home repairs. Some programs vary by state and not all are federally insured. Therefore, it is important to understand what you hope to accomplish with a reverse mortgage and which program is right for you. The senior services specialists at Senior Health Solutions, LLC can help you get in touch with those who understand reverse mortgages so that you receive advice specifically tailored to you.

 

Contact Senior Health Solutions, LLC today

If you are a senior who is interested in securing your future with a reverse mortgage, then Senior Health Solutions, LLC can help and get you connected with information regarding reverse mortgages, along with other services Senior Health Solutions, LLC offers. Contact us by phone at (314) 266-1199 or online.

 


Do you have questions about Reverse Mortgages?
Our Partners

Important Information
How to enroll into Medicare
We can help you find a Medicare plan in your area to fit your needs. Once you decide on a plan we can walk you through the Medicare enrollment process.
  READ MORE
How much is the cost?
These are the basic costs for people with Medicare. If you want specific cost information (like whether you've met your deductible, how much you'll pay for an item or service you got, or the status of a claim)
  READ MORE
Do my doctors accept these plans?
Use this helpful link on the Medicare and Medicaid Services (CMS) website to find and choose Physicians and Other Healthcare Professionals enrolled in the Medicare program, as required by the Affordable Care Act (ACA) of 2010.
  READ MORE
What to do if you don't want a part D
If you want to drop your Medicare Prescription Drug Plan (Part D) and you don't want to join a new plan, you can do so during the Open Enrollment Period, between October 15–December 7 each year. The change goes into effect January 1 of the following year.
  READ MORE
Keeping your work benefits
Employer or union health coverage refers to health coverage from your, your spouse's, or other family member's current or former employer or union.
  READ MORE
Medicare - Advantage Plans
A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits.
  READ MORE
Request Information
© Senior Health Solutions - All rights Reserved | Privacy Policy | Website Design by Fuel Web Marketing