The increase in homeowners insurance costs is prompting more seniors to consider reverse mortgages as a financial relief option, especially those on a fixed income.
Many clients are calling reverse mortgage specialists due to skyrocketing insurance costs, with one case seeing a woman’s insurance increase from $3,000 to $14,000.
Seniors living on a fixed income, even with fully paid-off homes, are feeling financial pressure from rising insurance rates despite traditionally having more cash flow options.
Reverse mortgages offer access to cash for seniors, allowing them to meet rising expenses while ensuring they do not lose their homes to foreclosure.
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