In the past, seniors viewed reverse mortgages as a last-option choice.  Now that seniors are getting to know the program better, the reasons they are choosing to get reverse mortgages are changing.  Here are the top five objectives for Alabama reverse mortgage borrowers:

Improvement of Quality of Life.  As children it seems that life is a never ending stream of days, but as we get older, we understand that our life has a final horizon.  Enjoying our remaining time, while we still have our health and vitality, is increasing becoming the motivating factor in getting a reverse mortgage.

Hospital and Medical costs.  Ever rising medical costs are pushing basic medical care beyond what many seniors can afford to pay out of their fixed monthly income.  Reverse mortgages help these seniors get the healthcare they need.

Home Improvements.  Anyone who owns a home — or a car! — recognizes the unpredictable, periodic costs of ownership.  Reverse mortgages enable basic home maintenance, as well as improvements such as making the home more “senior-friendly”.

Pay Off Debt.  Want to increase your effective monthly income?  Payoff your mortgage and eliminate your largest expense; the remaining money sure goes a long way.  Also, pay off high interest credit card debt and pocket the savings.

Travel.  Several years ago, we did a reverse mortgage for a retired military professional who had traveled the world “on business”.  This man made a promise to himself that he would return to some of the more desirable locations before he died.  He took out a reverse mortgage to allow him to do this.  He also bought a small sports car that he had wanted for years!

Better Business Bureau - Accredited Business

Equal Housing Opportunity logo

Better Business Bureau - Accredited Business

Equal Housing Opportunity logo