Reverse Mortgage Solutions For The Elderly
The comfort of residing in one’s own home is worth more than money to many senior citizens — especially when that home carries with it sentimental value, like the place a family was raised. Unfortunately, with recent economic activity, many seniors find themselves in perilous financial situations. They must seek new solutions to remain in the homes they cherish.
At the Baker Law Firm, in Danbury, Connecticut, attorney Larry Pereira represents seniors and their families, helping them seek real estate solutions. For more than 50 years, our firm has been representing individuals and families with matters related to real estate and protecting their elderly family members. Our work includes assisting families with reverse mortgages.
What Is A Reverse Mortgage?
A reverse mortgage is a home loan product that allows homeowners to take advantage of the equity they have built in their homes. Like other home equity loans, reverse mortgages allow borrowers to cash in on part of the value of a home. They can then use this money to pay for elderly care or as another way of financing their retirement.
FHA reverse mortgages are unique, however, because FHA borrowers do not make payments until they stop using the home as their primary residence. This makes them ideal for the needs of aging family members.
Seek Legal Counsel Regarding Reverse Mortgages
FHA reverse mortgages can be complicated, expensive and daunting to older people. However, they are an effective legal device that can work to solve many age-related financial problems. If you or someone you care about is facing financial difficulty but wants to stay in the family home, talking to a lawyer about a reverse mortgage is a solid option. To speak with an attorney at the Baker Law Firm, please call us at 203-885-1344 or complete our online contact form.