The Gift of Financial Peace of Mind for Aging Parents
In May, we honor our moms for Mother’s Day. And in June, we wish dads a happy Father’s Day. But did you know that July 24th is National Parents Day?
Where would we be without our parents? Chances are, they put in a lot of hard work and sacrifice to raise a family. Now that they’re growing older, many parents look to their adult children to help ensure they have everything they need to age safely and securely. If you find yourself sandwiched between caring for your aging parents and your own children, you’re not alone. Approximately 23% of U.S. adults are feeling the emotional and financial squeeze.
For National Parents Day, give your parents the peace of mind to age in place comfortably. If they are homeowners with sizeable equity, there may be a financial option your family hasn’t considered — a reverse mortgage loan from Reverse Mortgage Funding LLC (RMF). The loan specialists at RMF can help you and your loved ones determine if it’s the right option for their retirement.
Easing the financial burden
If your parents need to increase their cash flow to cover existing monthly debt payments, medical costs, home modifications or daily expenses, a reverse mortgage loan can be a strategic tool for accessing funds when they’re needed most.
Designed specifically with the needs of retirees in mind, it allows older homeowners to tap into the equity they’ve built up over the years. They can leverage the funds as monthly payments, a lump sum or a line of credit that’s available on standby*. They’ll also continue to live in and own the home with their names on the title. And one major advantage is its flexible repayment feature, which allows borrowers to make any size monthly mortgage payment, or nothing at all.
As with any mortgage, there are loan obligations that must be met, including keeping current with property taxes, insurance and maintenance. But a reverse mortgage can even help make it easier to pay for these expenses.
Starting the conversation
As you initiate what can be an emotional discussion, it’s important for you and your parents to make an honest assessment of everyone’s needs, finances, boundaries and goals. Consider the following questions:
- Do your parents have enough saved for a comfortable, safe and secure retirement?
- Do they wish to continue living in the family home as they age?
- Could they make safety modifications to remain in their current home as long as possible?
- Does anyone have a condition that will require ongoing care in the near future?
- If needed, how will they finance long-term care?
- Are you able to save for your own retirement?
- Can you afford to help out without impacting your own finances?
With a reverse mortgage loan, your loved ones can use the funds to live their best life now and in the future while easing the financial burden on you. Check out our exclusive publication “Should My Loved Ones Get a Reverse Mortgage? What Every Family Should Know” to learn more.
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.5-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.
*Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages. In certain states, RMF’s Equity Elite loan provides a fixed-rate term payment option.