Thanksgiving, Christmas, and Hanukah are wonderful times to reconnect with family and friends that we hold so dear to us. Life gets so busy that it is easy to lose touch with those we care for the most. Teaching our kids to serve their grandparents or friends that we visit is a great way to instill gratitude and respect for their elders. While visiting grandpa and grandma for Thanksgiving, we found out that grandpa had almost fallen off the ladder from 2 stories high putting up Christmas lights last year. This year we decided to hang the lights for him. My oldest son may have got his favorite Thanksgiving memory when I was shocked after putting a staple through the electric cord in the rain, on a metal ladder…not smart, I know now. I decided to put on a leather glove after that. Even something as simple as changing out the batteries in the smoke detectors can save grandpa or grandma a big hassle and maybe even an injury. There may be things that are needed beyond what can be done over a short visit. When we reunite with loved ones over the holidays, they may be going through struggles that we are largely unaware of, or they could have more joy and fulfillment in their life if they had extra funds. As you gather together for the upcoming holidays you may want to pay attention to a few things that could indicate they need some extra help, in some cases a Reverse Mortgage (RM) might be a good solution and worth bringing up with them. Here is a list of common challenges many have used a RM to help solve.
The loss of a spouse is devastating and requires many changes. There are significant emotional challenges of losing someone you care for so deeply; the financial changes can be quite difficult and often this challenge may come as a surprise. Loss of income from a pension or social security can be a detriment to the finances as the remaining spouse has largely the same amount of bills. If the partner was the one that managed the finances and paid the bills, the surviving spouse may quickly get into financial trouble.
Unnecessarily choosing a poor quality of life
Many of the older generations of seniors would rather live on peanut butter and jelly and suffer unnecessarily so that they can pass on ALL of their equity to their children once they pass away. Often times, they have also paid for their education and their children have a quality of life they have never known. Why not convince mom and dad to take a tropical vacation or a sightseeing trip they have always dreamed of? Perhaps, convince mom she can retire too, and go out to eat more often.
Back Taxes, Foreclosure, and bankruptcy
Losing a home that so many wonderful memories are attached or drowning in debt are things that no retiree should have to deal with. Reverse mortgages have saved thousands of homes from foreclosure and the money received can pay off the suffocating debt or taxes and return retirees to a positive financial situation.
Physical well-being can suffer greatly when dealing with financial difficulty. Prescription medicines and medical care costs continue to skyrocket and many retirees delay or go without life-improving procedures solely because of the cost. Eating healthily can cost significantly more than unhealthy foods, but the long term effects of eating poorly may end up costing more in medical costs. Why live in pain daily when a reverse mortgage could easily cover the cost and provide for future care?
When the family gets together at grandma’s house, everyone tends to gather around the food in the kitchen. Why not expand the kitchen or make changes to the home making it easier for Grandma to get around? There are incredible technological advances that will prolong grandma’s ability to maintain her independence; machines that can keep track of and dispense needed medications daily, motion sensor monitoring systems to ensure mom doesn’t fall and not receive help and other items that can help mom live happy and safe.
Retirement is meant to be a wonderful time when a person can enjoy visiting family, seeing the wonders the world has to offer or just not having to worry about money. A reverse mortgage turns a home into an easy way to finance retirement without having a mortgage payment or worry of losing that home. If one had invested in Microsoft stock in the 1980’s they would not think twice of using that investment to finance their retirement, think of your home investment the same way. Why not suggest to someone you know to at least look into how a reverse mortgage would benefit them? Click on this link to see what a reverse mortgage would do for you.
Robert Krepps, NMLS #255191, at HighTechLending Inc today to discuss how a reverse mortgage may be able to help you (877) 567 – 7476 or firstname.lastname@example.org .
HighTechLending Inc, NMLS # 7147, is an Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.