By Alain Valles, CRMP, CSA, MS, MBA, Nonprofit Charitable Managing Director
Nonprofit Charitable Managing Director
We’ve all heard the words “Reverse Mortgage” but so few have had the opportunity to receive the facts. Why is that? Because reverse mortgages are a very small segment of the mortgage industry. Last year there were about 5,000,000 regular loans done but only around 50,000 reverse mortgages. Reverse mortgages account for less than 1 percent of all loans and that is why there are so few dedicated trustworthy professionals investing their time to educate homeowners.
As Managing Director of the self-funded nonprofit charitable mortgage company, Helping Hands Community Partners, our mission is to educate people about housing options – including reverse mortgages.
Below are examples of why homeowners turn to a reverse mortgage to achieve their retirement goals:
- Increase monthly cash flow
- Pay off a current mortgage or home equity line
- Credit card consolidation
- Funds to pay real estate taxes and property insurance
- Complete needed home repairs
- Ability to pay for at home care or nursing home expenses
- Divorce situations
- Pay IRS obligations
- Settle legal matters
- Use a reverse to purchase your new home
- Install a new septic system
- Purchase a new or used car
- Support grandchildren’s education needs
- Gift to adult children or their home purchase dreams
- Prepay funeral expenses
- Estate and financial planning purposes
- Cash reserves for unforeseen emergency life events
- Estate planning
- Lifestyle improvement
- Travel
- Home accessibility improvements
- The option of receiving a lump sum of cash, a monthly distribution, a line of credit or a combination of the three
- Peace of mind knowing that cash is available if needed
- And, the list goes on!
The key point is a reverse mortgage is a very flexible financial tool that can achieve varied goals.
A reverse mortgage might not be the magic wand to solve all the above life challenges and goals, but it very well could be the next best thing. Take the first step and get informed. I would enjoy the opportunity of having that conversation with you!
Obtain your free “How to Use Your Home to Stay at Home” 36-page book
We will also send you a more detailed summary based on your:
- Estimated home value;
- Current mortgage balance, if any;
- A few financial questions; and
- Your age
Please give me a call at 781-724-6221 or email av@hhcp.org to receive your free copy of “Use Your Home to Stay at Home,” the official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development and published by the National Council on Aging. This is a great place to get basic information.
Alain Valles is Managing Director of Helping Hands Community Partners, Inc. and was the first designated Certified Reverse Mortgage Professional in New England. He obtained a Master of Science from the M.I.T. Center for Real Estate, an MBA from the Wharton School, and graduated summa cum laude from UMass Amherst. Alain can be reached directly at 781-724-6221 or by email at av@hhcp.org.
