What are reverse mortgages and how can they benefit seniors?After a lifetime of working, saving, and planning for retirement, insufficient income on a fixed budget can be a major challenge for seniors across America. With so many different options for investing your money and assets, it can be difficult and confusing to find credible and reliable ways to supplement your income after retirement. Since 2002, the Senior Health Solutions, LLC team has assisted thousands of seniors in St. Louis, Missouri, and throughout the tri-state area with every insurance and finance challenge. We can help you better understand reverse mortgages and their potential benefits for you and your family.
For many seniors, a reverse mortgage can be a valuable tool to help you gain more income and stabilize your family budget in the short term, while limiting the tax burden of your estate after you are gone and establishing more liquidity for your loved ones in the long term.
Who should consider a reverse mortgage?Reverse mortgages are only available for seniors over the age of 62 who own their own home. A reverse mortgage may be for you if:
- You want to eliminate mortgage payments
- You want to supplement your income
- You are concerned about estate tax liabilities after you pass
- You are happy in your home and do not want to move or sell it yet
- You do not want to leave your home to family members as part of your estate
Reverse mortgages can serve several important purposes to eligible seniors.
Stay in your home
Unlike simply selling your home, a reverse mortgage lets you stay in the home without having to pay rent or have a landlord
Add to your income
Reverse mortgages use your home equity and age to get you more money now. You can choose from a wide variety of payment options that fit your needs. Plus, the money is tax free!
Keep ownership of your home
With a reverse mortgage, you keep the title to your property
Eliminate your mortgage payments
Reverse mortgage payments can help eliminate your monthly mortgage payments in some situations
Keep your Social Security and Medicare benefits
Reverse mortgages do you not affect your eligibility for Social Security or Medicare
Reduce the tax burden of your estate
Estate taxes are among the highest tax rates for any income. Especially if you do not anticipate leaving your home to your children or family, this can reduce the tax burden by a large amount