HECM -Alternative financing for seniors. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity.
Are you a senior wanting to buy or sell a home during the Covid 19 pandemic? The information below will update you on the current state of real estate; including specific procedures followed by professional realtors.
Are You House-rich, Cash-poor?
Even with the recent challenges in the real estate market, some who have held on to a home for many years still find themselves with substantial equity, yet may feel house-rich and cash-poor. Those over the age of 62 often find balancing the costs of home maintenance, medical expenses and funding hobbies and vacations challenging.
You Can Convert Home Equity Into Cash
One option in tackling such financial hurdles is by taking out a reverse mortgage. A reverse mortgage is a vehicle that allows you to convert your home equity into dollars. Reverse mortgage money can fund home upgrades, pay for in-home assistance or medical care, pay bills or just ease the anxiety associated with tight monthly budgets.
Reverse Mortgage Sizes Vary
The size of a reverse mortgage depends on individual financial circumstance. Usually the older the borrowers are and the more their property is worth, the larger the loan can be. Payouts can be made in a variety of ways, including as a lump sum or as monthly income.
Is a Reverse Mortgage Best For You?
Before taking out a reverse mortgage, it’s important to understand all aspects of the loan product and whether it’s appropriate for your circumstances.
Your expert team, including your SRES® designee, a certified public accountant, a lawyer and close family members, can help you to explore your options and determine whether a reverse mortgage is the financing option that best meets both your short- and long-term needs. For a financial resource and more information on reverse mortgages, contact an SRES® designee.
Find your ideal home with my help.
I’m your SRES®
Every transition is an opportunity, regardless of your stage in life. With the right preparation, a new home can provide the fresh start and continual enjoyment you’ve been working toward.
By partnering with an SRES® like me during your new home search, you’ll gain the help and expertise of a REALTOR® specialized in meeting the needs of home buyers and sellers aged 50 plus.
I have both the education and real estate experience to serve as your trusted advisor through the unique financial and lifestyle transitions involved in relocating or selling your family home.
What is an SRES®?
A Seniors Real Estate Specialist® (SRES®) is a real estate agent who is uniquely qualified to assist the 50 plus market in housing sales and purchases. The SRES® designation is awarded only to real estate agents who have additional education on how to help seniors and their families with later-in-life real estate transactions.
SRES® designee also draw upon the expertise of a network of specialists, such as estate planners, CPAs, and eldercare lawyers, and are familiar with local community resources and services. Their mission is to help seniors and their families navigate the maze of financial, legal and emotional issues that accompany the sale of the home and assist Boomers in relocating to the home of their future.
What qualities make an SRES® different?
- Has knowledge, experience and compassion in dealing with 50 plus issues.
- Can suggest housing alternatives, including ones that may allow an aging parent to remain in the home instead of selling it.
- Takes a no-pressure approach to the transaction and has a strong service orientation.
- Will take the time needed to make a client feel comfortable with the complex selling process.
- Understands the emotional demands a sale can make on a 50 plus client, and tries to minimize them.
- Can interact easily with all generations, including adult children and caretakers.
- Is knowledgeable in senior housing options from active adult communities to assisted living.
- Has a wide network of other senior focused professionals who can assist in tax counseling, financial and estate planning, and other aspects of the sale and move.
I’m pleased to be your SRES®.
Thinking about buying or selling your home? Work with an SRES®
Any additional questions-call Kathy Entler, Realtor, SRES with Optima One Realty.