Finance solutions for Aging in Place – Milwaukee, Chicago, Wisconsin, Illinois

The yearly costs of nursing homes and assisted living facilities are exploding, but we all want our parents to live in a safe environment.  Home modifications cost considerably less than assisted living care but in some cases, additional financial assistance is necessary.  One option is a reverse mortgage.

The Reverse Mortgage has been designed to allow homeowners to stay in the home, own the home, and still enjoy the assets of the home while living in it. The protection of homeownership is the highest priority of the Reverse Mortgage:

• You keep title to the home.
• You are the owner as long as you or your spouse lives in the home.
• You never have to make monthly payments to the lender.
• No payments are due as long as you or your spouse live in the house. The Reverse Mortgage, with accrued interest, becomes due when neither you nor your spouse live in the home anymore.
• You never owe more than the value of the home.
• Should the outstanding amount of your Reverse Mortgage exceed the value of your home, the Federal Government’s insurance will kick in and cover the difference – you never owe more than the value of your home.
• You enjoy the full appreciation of the home.
• When you pay back the Reverse Mortgage, your equity is the difference between the value of the home and the accrued balance of the Reverse Mortgage. Thus, if the value of your home appreciates, you enjoy all the appreciation.
• Use can use a reverse mortgage for remodeling, stair lifts, elevators, walk in tubs and kitchen and bath remodels.

Call Lee Fleming at (262) 327-0965 or email him at wfleming@msiloans.biz to learn more about your options for reverse mortgages for your home.