People are living longer than they once did. In fact, in the past 30 years, life expectancy has increased from 74 to 79 years of age. With recent inflation and the disappearance of traditional pensions, the rapidly growing senior population needs more money to live on than they originally anticipated.
Dennis Cooper is a seasoned insurance and financial planner, as well as a Senior Learning Institute Sponsor, at The (veteran-owned) Federal Savings Bank. For over 25 years, he has used his experience and knowledge to assist active adults in understanding and properly utilizing the equity in their homes. Dennis works with several of the leading Reverse Mortgage organizations in the country to help these individuals reach their financial and retirement goals.
While nearly everyone has heard of a reverse mortgage, many people do not understand how they actually work. A homeowner with a reverse mortgage loan can borrow money against their home while the title remains in their name, similar to a traditional mortgage. There is no monthly payment; rather the loan is repaid when the borrower no longer lives in the home. A reverse mortgage loan can be a valuable tool for a senior who needs to access their home equity in order to increase their cash flow. The money can be used at the homeowner’s discretion.
As with any financial product, there are risks and benefits that vary from situation to situation. Unfortunately, the reverse mortgage loan industry has had some negative publicity due to people who wished to take advantage of vulnerable seniors. Under the right circumstance, however, a reverse mortgage can be an excellent choice. It is important to work with an experienced and ethical professional who will explore all options and help the senior homeowner to determine the best route to take in order to meet their goals.
If you’re ready to explore your Reverse Mortgage options, Dennis Cooper is the professional you need. Connect with Dennis on his website or call him at 636-334-0001. You can also meet Dennis in person at our Estate and Financial Planning Seminar.