Jane Hammond, MLO

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Jane Hammond, MLO

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01/12/2024

Did you know you can get a reverse mortgage to purchase a mobile home? It must be on land you own. Contact me for more details! Power up you cash and no monthly payments on the loan!

10/10/2023

Why is a reverse mortgage an important financial tool for seniors? Consider this.

https://reversemortgagedaily.com/articles/as-local-and-national-economies-prove-resilient-senior-poverty-is-climbing/?cx_testId=1&cx_testVariant=cx_1&cx_artPos=5&cx_experienceId=EX76Z676J63C
This article talks about how inflation is impacting our senior demographic. It also cites a NY Times report declaring “Using the supplemental poverty measure, which economists have found is a more accurate reflection of income and spending than the official poverty rate, the proportion of people over age 65 living in poverty climbed from a modern low of 9.5 percent in 2020 to 10.7 percent in 2021.”

The report goes on to state that in 2022, the senior poverty figure reached 14.1% representing more than 8 million older Americans.

The report defines poverty “as an annual income below $15,998 for single adult renters ($22,624 for a two-adult household), with regional variations; the threshold was somewhat lower for homeowners, regardless of whether they had mortgages”.

At the University of Massachusetts Boston, a group of gerontologists created a calculator that figures how much money older adults need to meet their basic needs, called the Elder Index (https://elderindex.org/).

As an example, the index shows in Chicago, IL a single enter over age 65 in good health required $2,481 per month last year for housing, health care, food, transportation and other expenses. Whereas, the same renter in Bristol, VA, the index found needed $1,794. Last year the average Social Security retirement benefit last year was $1,792 monthly.

A reverse mortgage can be an effective way to access equity in your home to bridge the gap from poverty to sustainability. Seniors should be encouraged to use this as a tool for financial peace in retirement.

The economy has been surprisingly resilient, but seniors are still seeing their poverty levels rise, according to Census Bureau data.

05/02/2023

Here is a good article on the benefits of a reverse mortgage. The article points out that this product can be hard to understand, so choose a lender that specializes in reverse like me and my colleagues at Longbridge Financial.
NMLS #1992573

A reverse mortgage is a loan. You are borrowing against your home equity. However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money borrowed as long as you are living in the home.