January 12, 2018
Pierce County Annex
Meeting Room D
2401 S. 35th Street
Tacoma, WA 98409
Expert Takes Closer Look at Reverse Mortgages
ADRC - Reverse Mortgages: the Upside and the Downside
Friday, January 12, 2018
Today there are several different kinds of Reverse Mortgages available to seniors. To make wise choices, consumers have to be adequately informed not only about the product but also the sales pitches that they likely encounter. Find out what you should know before travelling the road to a Reverse Mortgage. This is an educational event only.
Nearly 90 percent of seniors want to stay in their own homes as they age. But staying at home depends on a number of factors, chief of which is affordability. Over the years many seniors find their expenses begin to exceed their income or they experience pressing health care issues, home repair needs or other obligations rising.
A reverse mortgage, sometimes known as Home Equity Conversion Mortgage (HECM), can be a viable option – but not in all cases. Pierce County Aging and Disability Resources will offer an information-only session to help homeowners understand how reverse mortgages work, the costs involved and whether there may alternative solutions.
“There’s nothing better than being able to remain in your own home,” said Aaron Van Valkenburg, Manager of Pierce County Aging & Disability Resources. “Whether expenses escalate suddenly or gradually, it is important for homeowners to know what options might be available. Reverse mortgages can be a worthwhile choice but it is a big decision and needs to be considered carefully.”
A reverse mortgage, sometimes known as a Home Equity Conversion Mortgage (HECM), is a unique type of loan for homeowners aged 62 and older that lets you convert a portion of the equity in your home into cash. But unlike a traditional home equity loan or second mortgage, you don’t have to repay the loan until you either no longer live in the home as your principal residence or you fail to meet the obligations of the mortgage.
This information-only presentation will be given by Rebecca Rainsberger, a reverse mortgage specialist who has worked with reverse mortgages for 15 years in the Pierce County area. Two sessions will be offered:
• Jan 12 – Noon – 1 p.m. at the Pierce County Annex Meeting Room D, 2401 S 35th St. Tacoma;
• Jan 13 – 10-11 a.m. at the Pierce County Sound View Building, 3602 Pacific Ave., Tacoma;
The workshops are free and open to the public. No RSVP is required. Please call (253) 798-8787 for possible weather postponement. For more information about the presentation, call (253) 798-4600.