| Article by Scott Kaul
|
 |
SLS Helps Clients Stay at Home
by Scott Kaul
The
National Council on Aging recently released a study showing that
85% of seniors would prefer to live in their homes the remainder
of their lives, but because of physical/mental ailments and financial
constraints, are unable to do so. Senior Life Solutions assists
Washington and Oregon seniors obtain their goal of continuing to
live at home through the use of Reverse Mortgages. Our mission is
to help seniors remain independent, at home, and free from financial
worries. The following are just a couple of examples of how our
services have made a significant impact in someone else’s life:
- Sandra
from Portland, OR was a few days away from losing one of the greatest
comforts in her life: her home. It was the home in which she grew
up, and the home had been in the family for several generations
(I believe her father actually built the home). However, after
a bad accident and suffering from chronic Emphysema, she was facing
so many medical bills that the bank was about to foreclose on
that home. Her Doctor was instrumental in bettering her life,
but not in ways most people are used to. Sandra’s remedy didn’t
come in pill form, or from a bottle, it was just old fashioned
financial advice from a trusted friend. Her doctor told her that
the financial stress in her life was killing her, and there was
no surgery or medicine that could remedy her problem. She needed
to get her finances in order ASAP. Sandra took her doctor’s prescription,
and contacted Senior Life Solutions about a Reverse Mortgage.
Not only was she able to save the home in which she grew up, but
her health also improved........
- Gene
and Hazel from Bellevue, WA are another good example. Gene and
Hazel were faced with a very difficult decision. Hazel was diagnosed
with terminal cancer, and had less than a year to live. They were
committed to having Hazel die at home, but on a fixed income,
were unable to meet the financial burden of home health care.
It’s hard to imagine that someone who is Bill Gates’ neighbor(Gene
and Hazel lived a few blocks from Bill Gates in a house they originally
purchased 30 some years ago for about $30,000.) couldn’t afford
home health care, but statistics show Gene and Hazel's financial
situation was consistent with the majority of retired persons.
After learning about reverse mortgages, they investigated how
much they would qualify for and discovered their home value had
increased so much they were able to use the extra equity to fund
their commitment: to allow Hazel to die in her own home, surrounded
by friends and family. Hazel is gone now, and Gene is 92 years
old. He is now in need of care for himself, and is once again
looking to a reverse mortgage to fund the gap between his fixed
income and the cost of home care. Even though he just completed
a reverse mortgage 4 years prior, his home has again increased
so much in value that it makes sense to do so......
There
are several recent changes in HUD (US DEPT OF HOUSING AND URBAN
DEVELOPMENT) rules and regulations, designed to make it easier for
homeowners age 62 and over to qualify. At a time when so many retired
people are uncertain about their financial future (because of talk
of Social Security going broke) REVERSE MORTGAGES offer a concrete
solution.... and THE HOMEOWNER INCURS ABSOLUTELY NO OUT-OF-POCKET
EXPENSES WHEN THE REVERSE MORTGAGE IS FUNDED. ALL FEES AND COMMISSIONS
ARE PAID BY THE LENDER, THE INTEREST RATE IS GENREALLY MUCH LOWER
THAN A STANDARD MORTGAGE, AND THERE ARE NO MONTHLY PAYMENTS TO MAKE.
THE HOMEOWNER PAYS OFF THE MORTGAGE YEARS LATER WHEN THE HOME IS
SOLD... at a time when the value of the home is likely to have increased!
You
might recall that Washington's Gov. Gregoire said in her first news
conference after taking office that the nation’s fastest growing
segment of the 65+ population was in WA, and that solutions will
be needed to insure their future security. Certainly reverse mortgages
could be a PART OF THE SOLUTION, WITH NO NEED FOR COSTLY NEW PROGRAMS
OR GOVERNMENT RED TAPE----REVERSE MORTGAGES ARE ALREADY IN PLACE
AND REQUIRE NO NEW LEGISLATION.
Please
contact Scott Kaul at Senior Life Solutions (toll free at 877-944-9004)
should you like additional information on the Federally Insured
Reverse Mortgage program.
|
