Penny Thayer’s Post

They say that home is where the heart is. And with an overwhelming majority of seniors wishing to 'age in place' and remain in their current homes for as long as possible, this sentiment rings especially true. But what does it really take to successfully maintain a home in retirement? Learn more in the article below.

It's no secret your lifestyle will change as you settle into retirement. But what about your spending habits? Check out the article below for a breakdown of retirement spending by 4 phases.

October 12 is #NationalSavingsDay! This serves as a reminder of how important it is to prioritize your future by reviewing your spending habits, getting your retirement funds in line, and planning for your goals. Check out our latest #blog for savvy savings tips to consider. https://bit.ly/3U7IXOe

🏡 FAQ: “Does the bank own your home with a reverse mortgage?” No, that is a common myth! When you take out a reverse mortgage, you retain sole ownership of your home. The lender simply places a lien on the title to ensure repayment, as with any mortgage. And you keep the title in your name so long as you meet the loan terms, like maintaining the property and paying your property taxes and insurance. The lender’s lien guarantees they’ll be repaid when the loan is due, but you can rest assured that lenders are not in the business of owning homes. Learn more about how reverse mortgages work and your ownership rights in our blog! https://bit.ly/3TTIDCZ #Longbridge #LongbridgeFinancial #FAQ #HomeOwnership #ReverseMortgage #HomeEquity

October is Long-Term Care Planning Month! Long-term care can be an essential part of maintaining a high quality of life as you age – and having the right finances in place is essential. Read our blog to learn more! #LongTermCarePlanningMonth #LongTermCare #blog #Longbridge

🚚 FAQ: “What happens if I relocate and leave the house after I obtain a reverse mortgage?” If you permanently relocate, your loan becomes due. However, you have options: you can sell the home to repay the loan, pay it off from other funds, or possibly qualify for a short sale or deed in lieu of foreclosure. Temporary absences longer than two months must be reported to your lender. And if the last borrower or non-borrowing spouse passes away, heirs have similar options to manage the loan and avoid foreclosure. Bringing your heirs into the conversation early can help everyone be prepared for changes down the line. Learn more in our blog: https://lnkd.in/ewksRRQq #Longbridge #LongbridgeFinancial #FAQ #ReverseMortgage

🏠 FAQ: “Can I get a reverse mortgage on a manufactured home?” Yes, but the home must meet certain requirements set by HUD. Typically, single-family homes qualify, but manufactured homes can also qualify if they meet HUD standards. Additionally, multi-family homes where one of four units is your primary residence, and HUD-approved condominiums are eligible. You can ensure your manufactured home meets these criteria by checking HUD and FHA guidelines. Learn more about property eligibility in our blog: https://bit.ly/47tLBUf #Longbridge #LongbridgeFinancial #FAQ #HomeEquity #ReverseMortgage

👫FAQ: “Do both spouses need to be 62 for a reverse mortgage?” The short answer is no! If one spouse is under 62, they can still be protected as an eligible non-borrowing spouse (NBS). While the younger spouse cannot directly access the loan proceeds, they can stay in the home if the borrowing spouse passes away, so long as they continue to maintain the home and keep up with property taxes and insurance. This ensures that the home remains a secure place for the non-borrowing spouse. Find out more about NBS protections in our blog: https://bit.ly/3XImzgY #Longbridge #LongbridgeFinancial #FAQ #RetirementPlanning #ReverseMortgage #HomeEquity

Your home could be the key to a stress-free retirement. 🔑 Discover how a reverse mortgage can provide financial stability, help you age in place, and enjoy life to the fullest. Learn more in our blog! #Longbridge #blog #reversemortgage #retirement #homeequity

Exciting news! We are thrilled to launch a new #blog series, "Ask the Pros" - your gateway to key insights on all things reverse mortgages! Our first featured pro, Allen Chao, VP of Inside Sales, demystifies reverse mortgage qualifications and shares his insider knowledge. #Longbridge #LongbridgeFinancial #retirement #blog #reversemortgage #HECM