Are your clients “house rich and cash poor?” Are you looking for a funding vehicle for Long Term Care premiums? Immediate Annuity premiums?
A reverse mortgage provides funds to a homeowner by drawing against the equity built up in the residence. In addition, the mortgage is not repaid each month. It is repaid when the last surviving borrower (homeowner) sells the home, permanently vacates the property or dies.
Most importantly, the homeowner can use the funds for ANY purpose: supplement fixed income, pay for at-home medical services, travel, or even pay LTC premiums.