For people ages 50 and older, Healthcare costs rank 2nd only behind Home similar expenses according to data freed from the Employee Benefit Research Institute (EBRI).
Sudipto Banerjee, research associate with EBRI further explains, “health care spending is the sole part which gradually increases with age: It captures around 10 p.c of the budget for those between 50-64, but increases to about 20 p.c for those age 85 and over.”
Retired homes only spend about 80% of what working households spend, but they do it on only 57% of what working homes spend. Virtually 25% of working households spend 50% of their revenue on their housing. Given the current commercial crisis many house owners have seen their earnings or retirement significantly dip. This has led to an increased requirement for solutions that will provide a safe and sound alternative option to a home loan payment.
For those householders that are over 62 and have enough equity in their homes, a Reverse Mortgage just might be the only answer to eliminate their monthly house payment as well as provide a monthly check or one-off sum payment to help with rising medicare costs. Reverse Mortgage’s became safer and are done at a significantly lower cost than even a few years ago.
Many seniors love the concept of a Reverse Mortgage in L. A. and neighboring areas, but have hesitated to go forward due to the fees connected with a Reverse Mortgage. Well, the wait is over.
For a test period, Security 1 Lending will be offering the Fixed Rate Reverse Mortgage with a 1 1/2 credit to cover charges! For most seniors this will pay for the Escrow Charge, Bank Fee, Title Insurance fees, Notary Costs, reimburse Rating Costs, reimburse Federal Housing Administration Counseling Costs and leave extra funds to partly reimburse the Federal Housing Administration Mortgage Insurance Premium.
Because this is a p.c., the higher the loan amount/gauged value , the bigger the credit to you. This also means that you'll get an extra 1 1/2 percent of your loan amount dispersed to your account at the close of escrow. For most seniors, this may mean that there are no lender charges on their Reverse Mortgage and the Federal Housing Administration fee will be reduced.