Seniors Facing Financial Whammy Should Consider a Reverse Mortgage

From the front page of Monday’s Seattle PI: Seniors face financial ‘quadruple whammy’.

The article features  a photo Seniors in line at the West Seattle Food Bank and begins with this sentence:

“Like many retirees, Wilma Johnson notices the price of everything in Seattle going up while the interest on her savings is flat to dropping.

“I told my cat she’s going to have to go out and catch her own food,” the 86-year-old Broadview homeowner said.

With a reverse mortgage, seniors qualify based on their home equity and their age (62 years old is the youngest allowed on title) and can receive either monthly payments, a lump sum of cash or a home equity line of credit that they can draw on when needed.  If a Senior owns their home and has enough equity, there is no reason for them to struggle financially during their golden years.  Reverse mortgages do not require income or credit for qualifying.  It’s definitely worth consideration when it can improve quality of life.

Dear Wilma, your cat doesn’t need to catch her own food–please consider a reverse mortgage.

If you or someone you know are considering a reverse mortgage, please contact me.