0
How Reverse   Mortgages help Aging Seniors By   Jessica Bennet © http://www.mortgagefit.com/
Aging Seniors  are  anxious  about  … Steady Flow of Income Why ? Sustain Rising healthcare costs Maintain lifestyle Retai...
What Seniors usually choose …   Social Security Income –   Federal benefit for 62 year old and above Retirement Plans 401k...
Comparatively, Reverse Mortgage is a better option than others   © http://www.mortgagefit.com/
Why Reverse Mortgage? Options for Seniors  :   Social Security Income   Limitations How  Reverse Mortgage  is better 1. No...
Why Reverse Mortgage? Options for Seniors  :   Retirement plans 401k and 403b   Limitations How  Reverse Mortgage  is bett...
Why Reverse Mortgage? Options for Seniors  :   Medicare   Limitations How  Reverse Mortgage  is better 1. Qualifying age i...
Why Reverse Mortgage? Options for Seniors  :   Medicaid  Limitations How  Reverse Mortgage  is better 1. Not available to ...
Why Reverse Mortgage? Options for Seniors  :   HMO   Limitations How  Reverse Mortgage  is better 1. Not all medical treat...
Why Reverse Mortgage? Options for Seniors  :   Home equity loan   Limitations How  Reverse Mortgage  is better 1. Need to ...
Other benefits …   Reduces Estate Tax   At the homeowner’s death, the mortgage debt reduces the home value while evaluatin...
If Reverse mortgage is my choice,  what about other benefits?  You are quite eligible for:   Social Security Income   Medi...
What initiatives are being taken by the Federal Government? 1.  Insures Reverse Mortgages   (FHA approved lenders provide ...
Want to know more? Visit our  Reverse Mortgage  Section …  Any Problem? Ask our  Reverse Mortgage Expert in   MortgageFit ...
Upcoming SlideShare
Loading in...5
×

How Reverse Mortgages help Aging Seniors

1,556

Published on

"How Reverse Mortgages help Aging Seniors” is an overview of how reverse mortgages can offer financial assistance to seniors in terms of providing them with steady flow of income to maintain day-to-day needs including healthcare costs.

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,556
On Slideshare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
55
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "How Reverse Mortgages help Aging Seniors"

  1. 1. How Reverse Mortgages help Aging Seniors By Jessica Bennet © http://www.mortgagefit.com/
  2. 2. Aging Seniors are anxious about … Steady Flow of Income Why ? Sustain Rising healthcare costs Maintain lifestyle Retain Homeownership © http://www.mortgagefit.com/
  3. 3. What Seniors usually choose … Social Security Income – Federal benefit for 62 year old and above Retirement Plans 401k and 403b – Distribution after 59 and ½ years without penalty; must withdraw at 70 and 1/2 years Medicare – Federal Health Insurance for aged 65 and above Medicaid – Need-based Healthcare Program for low income seniors HMO – Health Insurance program Home Equity loans – A way to pull out equity © http://www.mortgagefit.com/
  4. 4. Comparatively, Reverse Mortgage is a better option than others © http://www.mortgagefit.com/
  5. 5. Why Reverse Mortgage? Options for Seniors : Social Security Income Limitations How Reverse Mortgage is better 1. Not at par with inflation 2. Taxes to be paid by high income seniors 1. Credit line option helps to earn interest on unused funds and fight inflation 2. No taxes to be paid © http://www.mortgagefit.com/
  6. 6. Why Reverse Mortgage? Options for Seniors : Retirement plans 401k and 403b Limitations How Reverse Mortgage is better 1. Income taxes to be paid at the time of distribution 1. Loan funds are not taxable © http://www.mortgagefit.com/
  7. 7. Why Reverse Mortgage? Options for Seniors : Medicare Limitations How Reverse Mortgage is better 1. Qualifying age is 65 2. Only Short term care 1. Qualifying age is 62 2. Provides funds as long as you are alive 3. Pay a form of medical cost to receive service 3. Need not pay any loan costs; often included into the loan. 4. Excludes coverage for certain healthcare, in-home care and home repairs 4. No coverage restrictions © http://www.mortgagefit.com/
  8. 8. Why Reverse Mortgage? Options for Seniors : Medicaid Limitations How Reverse Mortgage is better 1. Not available to those having home equity more than defined Federal Limit 2. Pay a form of medical cost to receive service 1. No defined Federal Limit 2. Need not pay any loan costs; often included into the loan 3. Does not cover all healthcare costs 3. No coverage restrictions © http://www.mortgagefit.com/
  9. 9. Why Reverse Mortgage? Options for Seniors : HMO Limitations How Reverse Mortgage is better 1. Not all medical treatment are covered 2. Need to pay fixed amount as monthly fee 1. Can be used for wider coverage based upon home equity and loan amount 2. No monthly payment © http://www.mortgagefit.com/
  10. 10. Why Reverse Mortgage? Options for Seniors : Home equity loan Limitations How Reverse Mortgage is better 1. Need to make high monthly payment 2. Fulfill income and credit criteria 1. No monthly payment 2. No income and credit criteria © http://www.mortgagefit.com/
  11. 11. Other benefits … Reduces Estate Tax At the homeowner’s death, the mortgage debt reduces the home value while evaluating estate tax. Provides financial security to heirs – It helps you to purchase and maintain a life insurance policy for your heirs to pay estate tax. Tax Deduction Benefits – Avail tax deduction on accrued interest but only when the loan is paid back (subject to limitations). © http://www.mortgagefit.com/
  12. 12. If Reverse mortgage is my choice, what about other benefits? You are quite eligible for: Social Security Income Medicare Medicaid Ineligible if total cash flow in a month exceed Medicaid Income Limit © http://www.mortgagefit.com/
  13. 13. What initiatives are being taken by the Federal Government? 1. Insures Reverse Mortgages (FHA approved lenders provide HECM) 2. Makes Counseling Mandatory (HUD approved counselor offers counseling services) 3. Ensures Consumer protection © http://www.mortgagefit.com/
  14. 14. Want to know more? Visit our Reverse Mortgage Section … Any Problem? Ask our Reverse Mortgage Expert in MortgageFit Community Forum © http://www.mortgagefit.com/ Tony Golden Reverse Mortgage Specialist
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×