If you are looking for a reverse mortgage for a parent or you’re a borrower wanting to get your family involved, Nationwide Equities is here to help. We encourage borrowers to have their children involved so they can have a full understanding of the process. Likewise, we encourage children to consider the benefits that a reverse mortgage may offer to their parents’ quality of life.
Relief for Family Caregivers
Although these possibilities may be unsettling to consider, there are solutions available to help retirees live as comfortably as possible. Reverse mortgages can help older homeowners access cash from their home equity as well as alleviate the stress of a monthly mortgage payment.* They only need to follow the loan’s terms and pay the ongoing payments of property taxes, homeowners insurance and maintenance.
The average social security check is $1,544, or $18,528 per year, according to SSA.gov¹.
Couples will spend approximately $300,000 in out-of-pocket healthcare expenses during retirement.²
That’s a total of $15,000 per year over the course of 20 years.
7 in 10
7 in 10 American retirees will eventually need long-term care.
In-home healthcare and assisted living facilities each cost over $50,000 a year.³
Home equity funds
Home equity funds can also be used for home modifications to make aging in place easier for older homeowners. Some of the most popular are stair lifts, walk-in bathtubs and wheelchair ramps. Funds can also be used to pay off any existing debts or purchase a long-term care insurance plan.
Call today to speak with one of our loan specialists. We will work together to find the financial solution that is best for you and your family.