REVERSE MORTGAGES: DIAMONDS IN THE ROUGH

Posted By Dennis Haber On April 30, 2008 @ 1:47 am

 
In Reverse Mortgage | No Comments

Reverse mortgages are truly like diamonds in the rough. At first glance, they may not   look like much. However, their special features give rise to surprising benefits. These benefits make it a thing of beauty.            

An unprocessed diamond, after all, does not look like the finished product we know it to be. Charcoal, graphite and diamond are allotropes of carbon. To the untrained eye, a diamond specimen found in the earth, would be mistaken as a piece of trumpery. Once cleaned up, it too becomes a thing of beauty.

Similarly, the reverse mortgage is usually not seen in its pristine form because it has been sullied by unyielding Babel promulgated by those who do not understand the program.Today, it is easy to equate all mortgages with the demotic label “bad”. Well all mortgages are not bad. Many mortgages are quite good.

    The media conflates the two. Wall street conflates the two. Government conflates the two. It is a drastic mistake to take the position that all mortgages are bad. Certainly the one mortgage program that does not deserve this moniker is the reverse mortgage. Granted, it may not be perfect, but it is by no means “bad”.

A reverse mortgage lets seniors sleep at night. Worry over financial matters is the paramount reason seasons they cannot sleep. Worrying about things will not make them better. Wishing that circumstances would change will not make things better. Action is what is needed. When our seniors take action they can make things better. When a senior acts he/she becomes A Champion Tomorrow.

A reverse mortgage makes our Seniors Champions. They become winners because they changed their lives.

The reverse mortgage will enable those borrowers to convert equity into cash. A reverse mortgage will allow seniors to access the funds in a variety of ways. A reverse mortgage will allow borrowers to even change how these funds are accessed. 

A reverse mortgage is easy to get provided the owner/borrower(s) are 62 and are using the home as their primary residence. A reverse mortgage can overcome the financial tsunami that has opened wounds between parent & adulcchildren.                                

Although over $2 billion a month is spent by adult children on their parents, many do not have the financial wherewithal to simultaneously care for their immediate family and parents.

Thus the intervention of the reverse mortgage allows the parents to reclaim their independence and dignity without the need to go to their children for financial aid.

Article printed courtesy of Reverse Mortgage Guide