By Alain Valles, CRMP, CSA, MS, MBA, Nonprofit Charitable Managing Director
Should I stay, or should I go?
To move or age in place? If you move, what does that really mean? How will you get your home ready to sell, list your home, find new housing, and back your belongings and memories? If you stay, how will you ensure adequate access to cash for current and future needs?
As Managing Director of the self-funded nonprofit charitable mortgage company, Helping Hands Community Partners, our mission is to educate people about housing options. We facilitate how to balance the emotional and financial stresses of determining a sustainable housing solution.
One ongoing area of concern for older homeowners is the topic of reverse mortgages. Everyone has heard “Reverse Mortgage” but few understand the pros and cons. We strive to protect people from improperly choosing a reverse mortgage.
When a friend brings up reverse mortgages, what do you say or offer? You want to do the right thing, but that’s hard if you don’t have the facts. We help educate our referral relationships including banks, credit unions, mortgage companies, real estate agents, families, and friends by sharing information about reverse mortgages.
Reverse mortgage benefits for you, your friends, and your clients may include…
- Additional monthly cash flow
- Pay off existing mortgage, credit cards, or other debts
- Ability to pay real estate taxes
- Cover medical expenses and at-home assistance
- Complete home improvements and renovations
- Monthly check to you for life
- A line of credit that grows over time
- May close in a trust or life estate
- Peace of mind knowing funds are available if ever needed
Please note – payment of real estate taxes, insurance, and abiding to other guidelines are always required.
How to qualify for a reverse mortgage
The primary requirements include:
- Age: one borrower must be at least 62 years of age
- Loan-to-Value: You home does not have to be mortgage free but there are maximum lending limits
- Income: Though generally more lenient than traditional mortgages, a reverse mortgage does require us to verify your sources of cash flow
Take action today
Please give me a call or email with your questions and to receive your free copy of “Use Your Home to Stay at Home and “25 Ways to Use a Reverse Mortgage.” We are available to explain Reverse Mortgage details by phone or happy to visit with you at your home. At no time will you ever feel any pressure to move forward. For us, it’s all about helping people achieve their homeownership goals and living a good life.
Don’t freeze in place
Our concern is too many people are frozen in place, not being able to make a housing decision due to lack of information, fear, or regret. We need your help to let people know that there are many different senior housing options. Please give them our name and we’ll do our best to explore different options.
Alain Valles is Managing Director of Helping Hands Community Partners, Inc. and was the first designated Certified Reverse Mortgage Professional in New England. He obtained a Master of Science from the M.I.T. Center for Real Estate, an MBA from the Wharton School, and graduated summa cum laude from UMass Amherst. Valles can be reached directly at 781-724-6221 or by email at av@hhcp.org. Archives of articles from previous issues can be read at www.fiftyplusadvocate.com.
