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Sunday, August 18, 2019

MORTGAGES FOR SENIORS

When a person retires, he or she may see a dramatic change in their income - at a level a lot less than they were accustomed to when working. Perhaps they had saved money for retirement, but some incidence may have occured to use up these savings, perhaps an illness.

How do people meet these finnacial challenges? Over the past few years, as home prices have escalated, substancial equity has been built up in their home. Do you tap into this equity to free up funds for use. What are the pros and cons? What types of mortgages are available? 

Reverse mortgages, lines of credit and equity take-outs are available. However the amount of income and debt level may make one or more of these unavailable. Over the next few days, each one of the types will be discussed along with the pros and cons for each. 

Are there other reasons that a senior may wish to pull equity out of their property? Perhaps they want to help with the down payment of a child who wishes to  uy a house. Perhaps, they want to contribute to a child's or grandchild's education. Maybe they want to travel while they are in good health. Perhaps they want to renovate their home. Perhaps they are carrying high interest credit card debt and want to lower their payments. The reasons are varied for seniors.

For information on mortgages for seniors, contact doug@seniorequity.com





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