Is it too good to be true?

j0410132.jpgFor many, a reverse mortgage seems too good to be true. We are often taught that if something sounds too good to be true, it probably is. In regards to reverse mortgages, it actually IS true. Now don’t get me wrong, not everybody thinks this, but certainly, a good number of seniors who are in financial difficulties, a reverse mortgage is . . . well . . .  very good and very true!

You see, for many people, simply to be gauranteed that they can “live in their home for as long as they choose” is a huge relief. Think about it, the number one thing seniors fear is their lack of independency as they age. The peace-of-mind in knowing that they will be able to stay in their home for as long as they choose, relieves them of a very big burden.

Independency can mean a lot of things. Being financially independent and physically indepenedent are two real threats that seniors face. A reverse mortgage often allows a senior to remain self reliant without the threat of losing their independency.

I remember talking with an 89 year old man a couple of years ago. He was very sharp and eloquent. He said to me that there are three things that people his age think about: 1) Safety – in knowing his environment that he is living, 2) Security –  in knowing where things are such as the bathroom, telephone, etc. 3) Being able to choose the way they want to live (being independent). For many seniors, the thing that keeps them from their ability to acconplish these three goals, is money. A reverse mortgage allows seniors, in many instances, to have the peace-of-mind to control these three things.

So, is it too good to be true? If it is a matter of remaining independent, it is both Good and True!

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