Jim and Shirley wanted their home to work better.
After paying cash for a condo, they used a HECM line of credit for improvements while leaving their existing investments in place.
Read Jim and Shirley’s storyPut the home to work for your goals
A care plan needs a funding plan, too.
When help at home, a bathroom renovation or a family care decision becomes necessary, the next question is often where the money should come from. Richard can bring the house into that comparison.
Help the home support the people living in it.
Home equity may provide funds for eligible homeowners to arrange home improvements or assistance while preserving other resources. A reverse mortgage is one option to examine with the family and its advisors, including how long the homeowner expects to remain and whether the ongoing expenses are manageable.
Bring your goal and a general description of the home. An initial review can determine whether a current illustration is worth preparing and which alternatives belong beside it.
Your comparison can show
- Understand the intended expense and the expected time in the home.
- Review available proceeds, existing mortgage payoff and the costs of borrowing.
- Include the homeowner’s preferences, family involvement and a possible later move in the comparison.
A closer look
Know what comes with the benefit.
Care decisions can change occupancy and the timing of repayment. A move out of the primary residence may make the loan due, subject to applicable borrower and spouse protections. That issue should be reviewed early alongside loan costs, ongoing property obligations and the effect on remaining equity.
HECMs are generally available to eligible homeowners age 62 or older and require independent counseling. Some proprietary programs have different age and property requirements. Richard will review the options that are available for your circumstances.
Read loan and licensing disclosuresSee what the numbers make possible.
Start with what you’d like to change. From there, a mortgage illustration can be prepared if the situation appears to fit. You can include the family members or advisors you want at the table.