Experts Come Together to Dispel Myths Concerning Reverse Mortgages
Arlington, TX (PRWEB) January 14, 2015
The Sullivan & Sullivan Team at Keller Williams Realty in Arlington, Texas has assembled a team of experts to conduct an informative seminar on the ins and outs of the reverse mortgage. Experts include representatives from Colonial Mortgage, Ideal Flooring, Brightstar Care and Old Republic Title. They will explain how exactly the reverse mortgage works and what the funds can be used for. The complimentary dinner workshop will be held on Thursday, January 22 at 5:00 p.m. at the Dickey’s Barbecue Pit in South Arlington.
A Home Equity Collateral Mortgage, or Reverse Mortgage as it is commonly known, enables seniors age 62 and up to convert their home’s equity into cash while retaining ownership of their home. There are no monthly payments and repayment is deferred as long as the borrower lives in their home. The funds can be used in a number of ways.
While the reverse mortgage may seem like a new concept based on the increase in advertising in recent years, the first reverse mortgage loan was actually written in 1961 by Nelson Haynes of Deering Savings & Loan in Portland, ME. The loan helped Nellie Young, the young widow of a high school football coach, stay in her home despite the loss of her husband’s income.
In the early 1980’s the U.S. Senate Special Committee on Aging issued a report stating the need for a standardized reverse mortgage program. Throughout the mid 80’s, other committees cited the need for FHA insurance and uniform lending practices. In late 1987 Congress passed the FHA insurance bill which would insure reverse mortgages. On February 5, 1988 President Ronald Reagan signed the FHA Reverse Mortgage bill into law.
Unfortunately, the reverse mortgage is a source of many myths and misconceptions. Consumers need to be educated on the product before deciding whether or not it is appropriate for their needs – and it is important to have the correct information.
Michelle White from Ideal Flooring says her company helps older adults make their homes more “aging- friendly.” Some homes have flooring that isn’t suitable for those who have mobility issues or require the use of a walker or wheelchair. “We can help you refresh your flooring so, as you age, it will accommodate your mobility needs, making navigation of any type easier for you.”
“A reverse mortgage can help older adults stay in their homes as long as possible and avoid nursing homes,” says Jenna Robinson of BrightStar care, a home healthcare company. Some of their clients have used reverse mortgage funds to hire in-home help for both medical and non-medical needs.
Ingrid Sullivan, a Certified Senior Housing Professional (CSHP®) and co-owner of the Sullivan & Sullivan real estate team, has devoted herself to making things easier for her senior clients and their families. “Many seniors are in homes that aren’t appropriate for ‘aging in place.’ They may be in a home that is larger than what they need or requires repairs that aren’t feasible for them. Perhaps they need a home without stairs, or a yard that requires less maintenance. A reverse mortgage can help them purchase a new home that is better suited to their current and/or future needs.” Sullivan urges seniors to make decisions about their late-in-life housing arrangements well before they get to the point that decisions have to be made for them. “It’s never too early to become informed,” she emphasizes.
For more information about the Sullivan & Sullivan Team or to register for the dinner workshop, please visit http://www.SeniorDownsizingExperts.com.
About the Sullivan & Sullivan Team:
Ingrid and John Sullivan are real estate veterans with more than 20 years experience in the business. They are currently one of the top real estate teams at Keller Williams Arlington. Ingrid has achieved the prestigious Certified Senior Housing Professional (CSHP) designation from The Seniors Real Estate Institute and she and John have also been awarded the Senior Real Estate Specialist designation from the National Association of Realtors.
Ingrid and John pride themselves in being the leading authority in DFW on Senior Downsizing, Senior Resources, Senior Moves and all Senior Services.