By Alain Valles, CSA, MS, MBA,
Managing Director of Helping Hands Community Partners, Inc.
Home sweet home
“I love my home. I’m getting older. I want to be financially independent and prepared. I’m anxious about my options. I don’t want to be sold.”
These are the most common responses when I’m discussing reverse mortgages. In fact, few people are eager to make a move from where they live. Studies have shown that 90 percent of adults over the age of 65 would prefer to stay in their current homes as they age. This is now even more true with coronavirus.
In recent years there has been a powerful trend across the U.S. called “aging in place.” Aging in place is “the ability to live in one’s own home and community safely, independently, and comfortably, regardless of age, income, or ability level.” What aging in place really means is remaining in the home of your choice for as long as you want with enough resources for current and future needs.
Life happens and it costs money
As you grow older you may face the challenge of being able to afford to continue to live in your own home. The top financial stress points include:
- ongoing mortgage or home-equity line payments
- recurring and unexpected health expenses
- credit card bills
- needed home repairs
- real estate taxes
- job loss
- loss of a loved one
- children needing money
- or, just trying to enjoy life a bit more.
Without a plan, your quality of life may diminish or be forced to sell your home.
These challenges are some of the reasons why the federal government created and guarantees Reverse Mortgages for qualified homeowners age 62 or older. A reverse mortgage may provide the financial relief needed to enjoy and afford “aging in place” in your own home.
Not sure where to get the facts about reverse mortgages?
We’re here to help. Helping Hands Community Partners is an approved 501(c)(3) self-funded nonprofit with the mission to educate people about senior housing options and, when appropriate, we can arrange reverse mortgages for qualified individuals.
A great place to get information is the free “How to Use Your Home to Stay at Home” 36-page book. This is the official reverse mortgage consumer booklet approved by HUD and published by the National Council on Aging. The free “25 Ways to Use a Reverse Mortgage” from the National Reverse Mortgage Lenders Association lists the many ways a Reverse Mortgage can help.
Please give me a call or email me to receive your free copy of “Use Your Home to Stay at Home” and “25 Ways to Use a Reverse Mortgage.”
What are the top advantages of a reverse mortgage?
The most common uses of reverse mortgages are:
- Access to cash if ever needed
- Not having to make a monthly mortgage payment (note-one is always responsible for real estate taxes, insurance, and other loan guidelines)
- Paying of mortgages and credit cards
- Home repairs
- Medical expenses
- Supplementing social security
- Paying real estate taxes
- Replacing lost income
- Having fun
What is my first step?
I will be happy to review your personal situation and discuss if you qualify. The goal is to share information with you so that you may make a fully educated decision if a reverse mortgage is right for you. But you must take the first step. Please call or email to receive the facts.
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 M.I.T., an MBA from the Wharton School, and graduated summa cum laude from UMass Amherst. Alain can be reached directly at 781-724-6221 or by email at