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 With costs for healthcare and prescription drugs increasing, almost any illness can significantly impact any savings or assets that have been put aside for retirement.
Most senior Americans recognize the need to have a long-term care insurance program in place to not only protect their assets, but to relieve any potential financial burden on their family. If a medical situation arises, many unprepared seniors are forced to use their savings or monthly income they were counting on for living expenses.
Adding a reverse mortgage to an estate plan provides seniors easy access to their home equity built up over the years. They can remain in their home, be self-sufficient and not deplete existing savings or income when they need additional cash. This senior-based product allows the borrower to release tax-free equity to purchase long-term care insurance, pay medical costs and protect other assets in their retirement plan.
Trends in the use of an Arlington Capital reverse mortgage is growing in popularity as are the many ways they are being used to help seniors retire richer and enjoy a higher quality of life during their golden years. Most borrowers and their families see this innovative product as a mechanism for allowing seniors to live in their own home for as long as they choose and, at the same time, access extra income to improve their lifestyle.
For retirees whose children have taken jobs across the country, cash advances from a reverse mortgage can allow them to travel and visit their family.
For people who love their home but find it has stairs or other features that have become obstacles, a reverse mortgage is a way to pay for renovations to accommodate their needs and make living more convenient and comfortable.
In addition, the financial benefits, such as leaving the home as a legacy for their heirs, has become another reason why a reverse mortgage is a powerful financial tool for estate planning.
*Consult your tax advisor.
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Gateway Funding Diversified Mortgage Services L.P. NMLS #1071 d/b/a Arlington Capital Mortgage is licensed by the PA Dept of Banking; Licensed by the Dept of Corporations under the CA Residential Mortgage Lending Act; Licensed by the CT Department of Banking; Licensed by the Delaware Office of the State Bank Commissioner; Correspondent Mortgage Lender License in FL (CL0701952) GA Residential Mortgage Licensee (#15499); Licensed Mortgage Lender in MD (5769); Licensed by the NJ Dept of Banking & Insurance; Licensed Mortgage Lender NC (ML-3443); Gateway Funding d/b/a Arlington Capital Mortgage is exempt as a mortgage banker in TX. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. Products and programs are subject to change without notice.