How about getting an old age walking stick?
Mortgage August 24th, 2007 |
Does your granny prefer a walking stick to walk by the road or the park? Probably so because that gives her the support she needs when you’re not around. It’s a friend, a guide that protects her from getting hurt and gives her the strength that can make her walk. But what about the financial support that she may require? What if she had a dream and couldn’t get it fulfilled just because of |
lack of funds or the regular responsibilities that prevented her from doing so?
If it was my granny, I would have tried to take out cash from my savings account and made her dream come true. But are you prepared to help your granny with the required funds to pay for her Medicaid bills, or the like? If you aren’t, don’t worry and don’t feel you’re unworthy of her love and affection. There’s a way out by which your granny can acquire funds even at her old age – it’s by way of a reverse mortgage..
What’s a reverse mortgage?
It’s a financing option which helps an aged person (62 and above) pull out the equity in his/her home either through monthly cash payments or through a credit line account.
Are you worried thinking, if your granny isn’t able to pay for the mortgage, she’ll be in trouble? No way, once the loan period is over, either you (or any of her heirs) pay off the entire loan or else the lender should sell your granny’s home and get back the cash he has invested for the loan. So, the most important thing is your granny need not pay instead the lender pays your granny. Isn’t it strange? It may be but that’s how a reverse mortgage works. It’s just like a walking stick giving one the financial support to give his/her home a new look, or purchase a big car and anything which one cannot easily afford with the social security income.
Interested to know more about Reverse Mortgages? Know in details from here.
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old age walking stick
August 24th, 2007 at 4:20 am
Great Post :). And Our community main goal is this only. That we can able to provide a financial walking stick to each and every people in this world.
October 27th, 2007 at 2:29 am
Indeed a reverse mortgage is a walking stick for every senior who goes for it. The only thing is one should be able to use the funds wisely so that he can at the same time qualify for other old age benefits.