Live in the comforts of a small town in the heart of the Hill Country
Assisted Living & Memory Care 18 Old San Antonio Road Boerne, TX 78006
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(830) 816-5150 franklinpark.org Assisted Living Facilities (ALF) License #: 147707
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Featured Article
2/5/21 4:50 PM
Reverse mortgages for seniors A reverse mortgage is a special type of home loan that lets a homeowner convert part of the ownership value in their home into cash without having to sell the home. Unlike a traditional home loan, no repayment is required until the borrower sells the home, no longer uses it as a main residence, or dies. There are no income or medical requirements to get a reverse mortgage, but you must be age 62 or older. The loan amount is tax-free and can be used for any expense, including long-term care. However, if you have an existing mortgage or other debt against your home, you must use the funds to pay off those debts first. Page 34
If you are thinking about a reverse mortgage, talk to an expert. A reverse mortgage can be complicated, and other borrowing options may be available. These might include a home equity loan or refinancing an existing mortgage to lower the monthly payments. Like a reverse mortgage, these options can free up cash for covering longterm care expenses. Additional information about reverse mortgages and other borrowing options is available from the Consumer Financial Protection Bureau. Visit the Consumer Financial Protection Bureau website or call 855-411-2372.
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