Many senior citizens in the Chesapeake area originally intended to retire with no mortgage . Some of them did succeed to retire without having to make housing payments. Others still need to pay down their mortgages. Those who have equity may want to consider reverse mortgages in Chesapeake. Even those who have enough income and no mortgage on their primary residences may want to consider this loan product. There are many situations in which a reverse mortgage may make sense.
A common problem faced by many seniors is healthcare costs. Although insurance programs such as Medicare do help, there are lots of medical expenses that are not covered. Dental care can be very expensive as well. Regular Medicare does not cover dental expenses. With a reverse mortgage, a lump sum of cash can be taken out of home equity in order to pay for medical and dental expenses. Seniors can stay in their homes without having to make a mortgage payment while having their medical and dental needs met.
Some seniors do not have enough income to live on. Another way to use a reverse mortgage is to get monthly payments from the lender. Instead of having to make a mortgage payment, the lender pays the borrowers. The borrowers can continue to live in the home. When the borrowers pass away, the loan is repaid from the sale of the house. This can be a good solution for those who don’t have enough income and liquid assets to have a comfortable lifestyle.
Another situation that may make sense is when grandparents want to help pay for a grandchild’s education. The grandparents may have no mortgage and sufficient income to live on. However, they don’t have enough money to help pay for a college education. The equity in a home is normally trapped between the walls until the house is sold. However, there is another solution. With Reverse Mortgages in Chesapeake, grandparents can take out a lump sum of cash from the equity in their home. That money can be used to pay for a college education. The grandparents can continue to live in their home without having to make a mortgage payment. That is why reverse mortgages make sense even for those who are in excellent financial shape.
