The Charbonneau Villager Newspaper 2020_April issue_Villager newspaper | Page 28

28 THE CHARBONNEAU VILLAGER
April 2020
PAID ADVERTISMENT
Keep Your Cool During Trying Times with A Reverse Mortgage
The current state of affairs has caught
us all by surprise and most are unpre-
pared. This pandemic has many of us shel-
tering in place for weeks without enough
food, medicines and supplies and  many
stores sold out of  necessities. Seniors
have been identified as especially vulner-
able during this outbreak and should take
extra precautions. Many older people live
paycheck to paycheck or are on a fixed
income and cannot afford to stock up on
their often expensive medicines and sup-
plies to get them through a long stretch of
isolation. 
Many studies outline that seniors are
facing very high rates of economic insecu-
rity. From the Grantmakers in Aging web-
site: “Roughly 25 million Americans aged
60+ are economically insecure—living
at or below 250% of the Federal Poverty
Level ($29,700/year for an individual in
2016). These older adults face a daily
struggle to pay for out-of-pocket medi-
cal expenses, utility bills, food, housing,
and transportation costs. Even for those
seniors who live above the poverty level,
one major adverse life event—such as a
job loss, health crisis, or foreclosure—can
plunge them into poverty. The challenge
of serving these vulnerable older adults
will only rise over the next decade, as
the total number of economically inse-
cure seniors will increase to 28 million
by 2020.”(Bauer, www.GIAging.org) In ad-
dition to not being able to afford to stock
up, a lack of mobility, transportation and
assistance holds many back from self-suf-
ficiency. Budgets are tight, health has
taken some dings, and many are feeling
alone and afraid.
So, how can a reverse mortgage help?
A reverse mortgage allows a person
62 or older to access their home equity
as cash to use for whatever they want
and requires no monthly mortgage pay-
ments. Thousands of seniors have used
reverse mortgages to pay off their cur-
rent mortgage, eliminating their month-
ly mortgage payments for life; allowing
them more financial security in retire-
ment. The GIA website explains further:
“Homeownership, once the cornerstone of
economic security, has become a source of
stress and debt. A majority of older adults
have unsustainable housing costs, with
59% of older renters and 33% of homeown-
ers with mortgages spending more than
30% of their income on housing costs.
Growing numbers of older homeowners
face foreclosure, while Baby Boomers are
increasingly tapping into their home eq-
uity to help fund their pressing financial
needs.” (Bauer, www.GIAging.org)
In addition to paying off the current
mortgage with a reverse mortgage refi-
nance, many seniors are unlocking the
additional benefit of a reverse mortgage
line of credit. With the line of credit, you
have the option to access cash anytime,
for anything- with no monthly mortgage
payments. This line of credit can grow
over time- giving you access to more
funds as time goes on. Once the line of
credit is open, it remains open for life if
funds are available.
Another benefit of the reverse mort-
gage is the peace it can bring to families
who worry about their elders struggling
to make ends meet. When they have ac-
cess to more cash flow, they can finally
afford the things they need like caregiv-
ers, personal shoppers, cleaning services,
meal service, landscapers and other peo-
ple who provide much needed services
that make life easier and more pleasant
for older adults. The family can rest as-
sured knowing that their parents and/or
grandparents have the funds they need to
make it through.
Reverse mortgage’s carry the addi-
tional benefit of providing housing secu-
rity in the event of lost income or a spouse
passing away. Many folks worry their
spouse won’t be able to afford to make
ends meet without their income, but the
reverse mortgage can put those worries
at ease. With a reverse mortgage, you get
to stay in the home for life with no loan
balance due until the last borrower leaves
the home.
There are many benefits to a reverse
mortgage refinance that people 62 and old-
er are taking advantage of every day, in-
cluding supplementing retirement during
uncertain economic times. As you prob-
ably experienced, there has been much
volatility in the stock market recently due
to economic uncertainty across the globe.
While time may allow for those retire-
ment accounts that were hit the hardest
to recover, for many seniors, time is not
a luxury they can afford. Home equity ac-
cess through a reverse mortgage might
be the ideal solution to supplement lost
retirement funds.
There is a myriad of ways people are
using the reverse mortgage to take control
of their retirement. During this stressful
time of fear, worry and isolation for our
own safety, please know that access to
more cash may be just a phone call away.
We are ready and able to go through the
entire loan process through the mail and
over the internet with minimal to no con-
tact with other humans. Your security is
our priority and financial security plays
a huge part in your wellbeing. Call Jeff
Foody at Northwest Reverse Mortgage to-
day to discuss how you can take control of
your cash flow today and put some of your
worries at ease. 
Jeff Foody MLO 253303
6XKYOJKTZGTJ2UGT5LéIKX
503-427-1667