Reverse Mortgages and Their Tax Breaks for Seniors
Many seniors find themselves in the same boat; they have an expensive home that has increased in value substantially, but they are struggling when it comes to day-to-day cash flow. Yet, they that if the sell the home, they will have to turn a significant amount of their profits over to the tax man. A regular home equity loan, or second mortgage, will only help the cash flow problem temporarily; after the loan amount is spent, then they will be faced with two mortgage payments and even less cash in the bank. If this sounds like your circumstances, then you should know there is another option out there that can help you pay for your retirement while avoiding costly taxes. A reverse mortgage has saved many seniors from retirement financial ruin.
First, let’s look at what a reverse mortgage is. Read Full Story
HUD Approves Borrower Paid Counseling For Reverse Mortgages
May 16th, 2008 Published in News, Reverse Mortgage
A few reverse mortgage related headlines from the week:
The incredible shrinking nest egg (USAToday)
Could a reverse mortgage save your parents lifestyle? (TriCities.com)
Look before slamming it into reverse (ChicagoTribune)
Woman given 10 days to leave home of 40 years (KVAL)
Today the Senior Lending Network kicks off their Senior Independent Living Month which will run from May 15 through June 15. All mortgage originators affiliated with the Senior Lending Network are joining forces in a series of events to promote social responsibility and ethical treatment of seniors and discuss the positive benefits of reverse mortgages.
As part of Senior Independent Living Month, the Senior Lending Network and the National Association of Home Builders are joining forces with Rebuilding Together New Orleans to rebuild a home damaged by Hurricane Katrina. Volunteers from NAHB’s 50+ Housing Council will participate in a two-day community service project May 17-18 to help rebuild the home of displaced owners Hazel Tate, age 87, and Hilda Levy, age 67. On May 18, the three groups will host a media event featuring your favorite reverse mortgage spokesman Robert Wagner, spokesperson for the Senior Lending Network, to meet the homeowners and provide guided tours of the home and show its progress to date.
Since the overall goal of Senior Independent Living Month is to promote social responsibility, ethical treatment of seniors, and discuss the positive benefits of reverse mortgages, the Senior Lending Network is offering a FREE training session for RMD readers. The session will cover tips on how to generate positive press in the media and help grow your business. Below are just a few of the things that will be covered:
How to issue a press release to the wires
Tips for reaching out to local media, identifying prospective media contacts
Tips for creating community related campaigns in your area for seniors
Join us Thursday, May 22, 2008 at 2:00 PM (EST), space is limited so Sign Up Now!
In addition to the Free training session to RMD readers, the company is offering promotional literature about Senior Independent Living Month for its originator partners on their website.
World Alliance Financial Declares Senior Independent Living Month (Yahoo)
Reverse Mortgages (for seniors)
Per request of several seniors asking about this kind of loans I am posting this info that could give a better picture to anyone interested in this special type of loan that is used to convert the equity in a home into cash. The money obtained through a reverse mortgage is usually used to provide seniors with financial security in their retirement years.
http://www.dre.ca.gov/pdf_docs/reverse.pdf
