If you are a senior and you haven’t saved enough money to stay in your home long term, your home itself may be the answer to your problems. Depending on your situation, there can be a good amount of equity built up in the value of your home. Here at Idaho Reverse Mortgage, we’ve come up with some reasons why you should utilize a reverse mortgage so that you can support in-home eldercare and live in your home for longer.
Remain Comfortably In Your Home
Surveys say that 90% of seniors say that they would rather spend their aging years in the comfort of their homes. While every situation is different, it is ideal to try and keep your loved one in their house as long as possible. With a reverse mortgage, the borrower receives payments from their home’s equity and they aren’t required to repay the mortgage until their home is no longer their primary residence. If you are looking to stay in your home long-term, a reverse mortgage might be right for you.
Compensate Your Caretaker
Some seniors have a family member who is looking after them free of any compensation. Being a caretaker is a full-time job and can prevent an individual from having the time to make an income of their own, so it’s important that you’re able to pay them for their time and help. You could either use your reverse mortgage payouts to pay your family member a full-time wage or to hire a professional caretaker in replacement.
Use Your Money Wisely
Selling your home to live in an assisted living facility is always an option. The only problem with this is that eventually the money from your home will run out and your assisted living home will still require payments. With a reverse mortgage, this is no longer an issue. Not only will you be able to live within the comfort of your home, but you’ll receive monthly payments through the equity of your home instead of worrying about owing a care facility money.
How We Can Help
Are you interested in getting a reverse mortgage but don’t know where to start in the process? Here at Idaho Reverse Mortgage, we have a free quote calculator available on our website to help you better understand how much equity is in your home. If you have any questions or need guidance from a reverse mortgage professional, feel free to give us a call at (208) 863-6610!