Curt: This is Jeannine Henrion of Group One Mortgage. We're talking about reverse mortgages. How do they work?
Jeannine Henrion: Curt, a reverse mortgage is for seniors only 62 years of age or greater. And it enables them to utilize the equity in their home for a more vibrant lifestyle.
Curt: Rather than taking the equity out of their home by selling it.
Jeannine: Correct. The key here, if it's used for an existing home, it's to enable them to stay in their home and improve their cash flow.
Curt: Is this a complicated process?
Jeannine: It does not have to be complicated at all, but the government is very concerned with seniors not being taken advantage of and it will be required that they go through an independent third party counseling session.
Curt: Tell me about the experiences you've had with reverse mortgages.
Jeannine: Oh, it's changed lives. You know, for people who are very fit and very healthy, but don't have the income or cash flow to continue making a mortgage payment, or you know, sometimes the homes are owned free and clear. They've been faced with selling the home, moving in with family because they can't really afford a housing expense otherwise, whether it's renting or buying another home. It enables them to stay in their existing home, enjoy the surroundings that they're used to, and live a higher quality life, take vacations, not have to worry about where their money for milk and eggs are coming from, et cetera.
Curt: And if they want to know more, call you?
Curt: Reverse mortgages, it might be for you. Or call Jeannine Henrion at Group One.
Learn more about Jeannine Henrion, loanDepot (previously Group One Mortgage)
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