Reverse Mortgages can solve a lot of problems for people facing financial hardship due to the rising costs of medical bills on a fixed income. A qualified consumer can enter into a reverse mortgage which has two major benefits. The first, you no longer pay a monthly mortgage payment. This allows you to free up cash flow to pay your medical expenses and credit card debt more comfortably. The second is a source of income you can receive in monthly disbursements or a lump sum of cash. The extra income can help you become more comfortable during your retirement years and alleviate the stress of bills you are facing and the burden you may feel you are placing on your immediate family to care for you.
What many people don’t realize is that a certified debt specialist may be able to work with your reverse mortgage specialist to involve you in a plan to not only alleviate your financial troubles and burden but help to eliminate your credit card debt for less than the full amount owed. This can further assist you in preserving your precious resources for medical bills and cost of living increases you face on a fixed income.
The need for these two services is at an all time high as every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years.[ii] Baby boomers are retiring under the umbrella of $790.1 billion of U.S. Consumer Debt.[iii] A large portion of which are adjustable rate credits cards while the largest population in US history is on or going on a fixed income. A recipe for disaster coupled with an underfunded social security program.
Because a reverse mortgage is not driven by credit it does not matter if you are falling past due on your credit card accounts, have late payments in the past, or cannot show enough income. You are facing a financial hardship on fixed income so a certified debt specialist may be able to put a plan in place for you in conjunction with your reverse mortgage to assist you in paying off your debts all at once or over time.
These two specialists working together can help turn your retirement years around by preserving more of the precious resources you need to last the rest of your life. You can move beyond the monthly cycle of medical bills and unhealthy stress of credit card debt. Working with a reverse mortgage specialist and Certified Debt Specialist can help.