Take Charge America
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PHOENIX, ARIZ. — Seniors are living longer than ever before. Medical advances and a focus on healthy living have dramatically improved longevity, but living longer presents a complication: the potential to outlive savings.
Older adults often do not anticipate the high costs of health and long-term care, or the uncertainty of Social Security and Medicare. As a result, many are exploring reverse mortgage loans.
A reverse mortgage, also referred to as a Home Equity Conversion Mortgage, enables homeowners 62 years and older to convert part of their home equity into tax-free cash.
“The economy has been tumultuous in recent years, and seniors have been particularly affected,” said Mike Sullivan, chief education officer for Take Charge America, a national non-profit credit and housing counseling agency. “For some, a reverse mortgage may prove a good solution for generating extra cash and living more comfortably in their golden years.”
To help seniors understand whether a reverse mortgage is appropriate for their financial situations, Sullivan offers five considerations:
To obtain a reverse mortgage, the U.S. Department of Housing and Urban Development requires seniors to undergo reverse mortgage counseling from an approved third-party organization like Take Charge America. Certified HECM counselors guide seniors through the process, the loan terms, financial and tax implications, and alternatives. To learn more call Take Charge America at 1-866-987-2008.