I see reverse mortgages as a product for yesterday when I needed it, today to be comfortable & tomorrow as needed. It has provided extreme flexibility and peace of mind”, says Elizabeth.
Kansas City, MO (PRWEB) February 28, 2012
As boomers and seniors scramble for alternatives to stay comfortably in their homes, some financial advisors encourage reverse mortgages as a solution.
Mounting debt, disability and stock market losses forced boomer couple, Lori Parry and husband to find a smart solution to raise cash. “Living on fixed income from social security & pension weren’t enough especially since our grown kids moved back into our home. We had to discover other options. Getting a reverse mortgage was the perfect solution for our situation,” says Parry.
Lola Rider, an 80-year-old widow, was searching for ways to increase her monthly cash flow and improve her lifestyle. Her financial advisor recommended a reverse mortgage, as her mutual fund was expiring and she needed a new source of income.
Lola initially hesitated due to negative press and big fees she explained. “I was very intimidated and felt I could get a college degree in the topic of reverse mortgages”, says Rider. Mark Clark, NASB Reverse Mortgage Account Rep helped Rider accomplish her goals. “She used the Reverse Mortgage (HECM) proceeds to refinance her current mortgage which extinguished her monthly mortgage payment and increased her cash flow. Now, Mrs. Rider does not have to withdraw the money in savings to maintain her lifestyle,” says Clark. Like many senior investors, Lola wanted to be certain this was a good decision and bounced the ideas to family members. They were in full support. “Mark was marvelous, attentive and made the whole process less scary”, says Rider.
More than 50% would recommend reverse mortgage loans to family & friends
Marttila Strategies' recent survey revealed that today's seniors are extremely happy with their reverse loans. “More than 50% would recommend this type of loan to family and friends” according to Tom Kelly, Columnist, Inman News®.
Elizabeth & Louis from the heartland of America -- former real estate & investment professionals needed to access cash that was tied up in their home. "I see reverse mortgages as a product for yesterday when I needed it, today to be comfortable & tomorrow as needed. It has provided extreme flexibility and peace of mind,” says Elizabeth.
Advantages of the Reverse Mortgage Solution -
Retirement Finance Expert and author of Leverage Your IRA- Maximize Profits w/Real Estate, Matt Allen says, “Reverse Mortgages offer extreme flexibility by allowing you to receive the proceeds in a lump sum, monthly payment, credit line or a combination of the three. This allows you to remain in your home without having to make monthly mortgage payments and helps increase cash flow.” Matt Allen is the Director of Reverse Mortgages and IRA Lending at North American Savings Bank.
North American Savings Bank now offers you a way to turn a portion of your home’s equity into non-taxable cash flow through a federally insured mortgage product called a Home Equity Conversion Mortgage (HECM) or more commonly known as a Reverse Mortgage. Visit the FAQ page to learn more, or contact a NASB Reverse Mortgage Consultant today at 1-866-207-6272.
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