Aging in Place
What is Aging in Place?
In plain English, aging-in-place means remaining in one’s home safely, independently, and comfortably, regardless of age, income, or ability level. It means the pleasure of living in a familiar environment throughout one’s maturing years, and the ability to enjoy the familiar daily rituals and the special events that enrich all our lives. It means the reassurance of being able to call a house a “home” for a lifetime.
You’ve invested years in your home, now discover the rewards! A reverse mortgage is a type of home equity loan for senior homeowners that may allow you to convert some of the equity in your home into cash while you retain homeownership. Instead of making monthly mortgage payments like a traditional home loan, reverse mortgage are paid back in one lump sum when the borrower no longer resides in the home1.
A refinance or reverse mortgage for purchase is often decided upon with input from family members and financial professionals, such as a CPA or Attorney, to ensure that if fits your current and future financial plans. Theresa understands the importance of working with everyone involved in the process and are dedicated to helping you make the right decisions for your specific goals.
1 – You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.