|
 With costs for healthcare and prescription drugs increasing, almost any illness can significantly impact any savings or assets that have been put aside for retirement.
Most senior Americans recognize the need to have a long-term-care insurance program in place to not only protect their assets, but to relieve any potential financial burden on their family. If a medical situation arises, many unprepared seniors are forced to use their savings or monthly income they were counting on for living expenses.
Adding a reverse mortgage to an estate plan provides seniors easy access to their home equity built up over the years. They can remain in their home, be self-sufficient and not deplete existing savings or income when they need additional cash. This senior-based product allows the borrower to release tax-free* equity to purchase long-term-care insurance, pay medical costs and protect other assets in their retirement plan.
Trends show the use of a Gateway Funding reverse mortgage is growing in popularity as are the many ways they are being used to help seniors retire richer and enjoy a higher quality of life during their golden years. Most borrowers and their families see this innovative product as a mechanism for allowing seniors to live in their own home for as long as they choose and, at the same time, access extra income to improve their lifestyle.
For retirees whose children have taken jobs across the country, cash advances from a reverse mortgage can allow them to travel and visit their family.
For people who love their home but find that the stairs or other features have become obstacles, a reverse mortgage is a way to pay for renovations to accommodate their needs and make living more convenient and comfortable.
In addition, the financial benefits, such as leaving the home as a legacy for their heirs, has become another reason why a reverse mortgage is a powerful financial tool for estate planning.
*Consult your advisor.
|
Gateway Funding Diversified Mortgage Services, L.P. NMLS #1071; AL Consumer Credit License (#MC4649); Licensed Mortgage Banker AZ (#BK0910184); Licensed Combination Mortgage Banker-Broker-Servicer AR (#11772); CA Finance Lenders Law License (#603E024); CA Residential Mortgage Lending Act License (#4130675); Licensed Mortgage Broker in CO); CT Mortgage Lending License (#11040); Licensed by the Delaware Office of the State Bank Commissioner (#2299); District of Columbia Mortgage Dual Authority License (#MLB1071); Licensed Correspondent Mortgage Lender FL (#CL0701952); GA Mortgage Lender License (#15499); ID Mortgage Broker/Lender License (#MBL-6051); IL Residential Mortgage License (#MB.0005883); IN First Lien Mortgage Lending License (#11220); IA Mortgage Banker License (#2009-0031); KS Mortgage Company License (#MC.0001491); MD Mortgage Lender License (#5769); MA Mortgage Broker License (#MC1071); MA Mortgage Lender License (#MC1071); ME Supervised Lender License (#SLB6718); MI 1st Mortgage Broker/Lender Registrant (#FR0016592); MI 2nd Mortgage Broker/Lender Registrant (#SR0016593); MN Residential Mortgage Originator License (#MN-MO-40196588); NV Mortgage Broker License (#3247); NH Mortgage Banker License (#10192-MB); NJ Residential Mortgage Lender License (#9601232); NM Mortgage Loan Company License (#02188); NY Mortgage Banker License (#B500791); NC Mortgage Lender License (#L-121400); OH Mortgage Broker Act Mortgage Banker Exemption (#MBMB.850078.000) OH Mortgage Loan Act Certificate of Registration (#SM.501717.000) OK Mortgage Broker License (#MB001315); OR Mortgage Lending License (#ML-3443); PA Mortgage Lender license (#21474); RI Lender License (#20041625LL) RI Loan Broker License (#20041626LB); SC-BFI Mortgage Lender/Servicer License (#MLS -1071); TN Mortgage License (#2782); TX-SML Mortgage Banker Registration; UT-DRE Mortgage Entity License (#5608213); VT Lender License (#5465); VT Mortgage Broker License (#0485 MB); Licensed by the Virginia State Corporation Commission (#MC1772); WA Consumer Loan Company License (#CL-1071); WV Mortgage Broker License (#MB-21755); WV Mortgage Lender License (#ML-21756); WI Mortgage Banker License (#43680BA); WI Mortgage Broker License (#28486BR). This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA, or any other more applicable federal, state, or local law or regulation. Rates, Terms, Fees, Products, Programs, and Equity requirements are subject to change without notice. For qualified borrowers only. © 2011 Gateway Funding Diversified Mortgage Services, L.P.