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Staying Connected: The Travel Connection

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Staying Connected, Part 1:

The Travel Connection

There’s a humorous country song about a man who leaves his wife in their mature years, and how, in response, “she let herself go”… on all the adventures that being married to him had precluded, such as a cruise and travel abroad, having one heck of a good time in her seniority. It’s a paean to the truth that many people come into their own later in life, when they no longer feel constrained by work or societal dictates.

Seniors Enjoy Reverse Mortgage BenefitsHere’s what Emily, a retired 68-year-old secretary, has to say: “I find that I can stand up for myself more now, and that applies to many other older women I know. I’m on the board of directors of our retirement community, speaking my mind.”

 

Reverse Mortgage Benefits

How Seniors Enjoy The Benefits Of A Reverse Mortgage
As we approach the travel season, seniors who are contemplating a reverse mortgage might be encouraged to know that the money freed up by eliminating mortgage payments can be used to help them stay connected with their loved ones through more frequent visits — which can also have a positive impact on their health by maintaining strong family and friendship ties. Instead of seeing the grandchildren annually or less often, they might make seasonal or more frequent visits.

And then there’s the moment when the ultimate travel adventure calls. One woman decided that in lieu of leaving an ample inheritance for her extended family, she’d prefer to enjoy it with them. She used some of the cash flow from her reverse mortgage to purchase tickets for a Caribbean cruise, surprising and delighting her close-knit kin. The trip-of-a-lifetime enabled the entire clan to create a cornucopia of new memories that included their beloved matriarch.

In Part 2, we’ll explore reverse mortgage and the senior health connection.

 

 

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5 Comments

  1. I have a snowbird that lives in primary home 6 months and goes south for 6 months. So its the 6 months she is down south and not in her primary home. Home is vacant as it is every year for 6 months. Can I lend Reverse on it while it is vacant? Also she is 83 and her daughter has 100% of her mail delivered to her as she is”in care of” for everything!

    • I would check with your underwriter. The key is that the home she wants to get the HECM on is her primary. In most cases underwriters will want a written statement to this effect and also bills coming to that address in her name. Good luck.

    • Vince,

      There could be a lot more information the underwriters will want about the second home, particularly costs associated with that home. One of the problems we found was homestead exemptions. Many times the taxpayer will declare a homestead on the property which is the second home. In some states that means under penalties of perjury, the senior has declared the second home is the principal residence. In one case the other state would only permit changes once a year. We had to wait months to close that loan.

      Your prospect will have to learn to live in the collateral six months plus one day. That means she will have to work her travel days around that time period. For her this does not seem like it should be a huge time cost.

  2. Please, someone, make seniors aware that securing a Reverse Mortgage is not as simple as advertising makes it appear. We got involved in one in December 2011, has been our worse nightmare!! Has been 4 months, still no close date in sight. House appraised @195,000.00, no mortgage. Lovely, well kept home. We have provided everything loan officer asked of us. In conversing with others regarding Reverse Mortgage, are being told problem is with the loan officer not doing his job. Urge seniors to be very careful when selecting company to handle their Reverse Mortgage.

    • Lynn,

      I would agree that closing a reverse mortgage is not simple. Some loans go smoothly while others can take much longer. Sometimes property conditions that need to be corrected (repairs) or changes to homeowner’s insurance coverage can delay the process. The key is communication. Your loan officer should be in contact with you at least twice a week if not more to solve any issues holding up your loan. You may want to contact that loan officer’s broker or supervisor and express your concerns. Signing the application is one thing, but having a seasoned veteran loan officer who knows the ins and outs of closing your loan is another. I hope your loan closes and funds quickly. All the best.


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