Reverse Mortgages Explained by Specialist, Sigrid Hurn

Sigrid Hurn, of The Califonia Reverse Mortgage Company, a member of The Generation Morgage Company, recently explained the uses of reverse mortgages and answered questions at a forum. Seniors from the Central Coast Senior Center, San Luis Obispo County, California, learned from Sigrid (1) what types of reverse mortgages are available, (2) what limits there are on the amounts, (3) how to apply and what it costs, and (4) how to choose different plans for reverse mortgage income.

Seniors may use the income to pay for sudden health expenses, prescriptions, in-home caregivers, nursing home care, or for a variety of other choices. If seniors are having financial stress from mortgage payments a reverse mortgage can eliminate the monthly payments.


A reverse mortgage is a Federal Government insured loan program which provides income for senior home owners. Sigrid explained that it is not paid back until a person moves permanently out of the home.


To qualify for a reverse mortgage a senior needs to own the home, be at least 62 years old, and to be living in the home.


Sometimes a sudden illness causes a financial situation that makes getting a reverse mortgage helpful or necessary. If a large mortgage payment is causing financial problems for seniors living on fixed incomes the reverse mortgage can get rid of the mortgage payment, freeing up that money for health expenses.


Other people get reverse mortgages in order to access the cash from home equity while they are alive in order to travel, pay for grandchildren's college, or make other dreams they have come true.

For more details you can visit Sigrid Hurn's website at http://reversemortgagelady.com/.

Things You Might Not Know About Reverse Mortgages

These days some seniors say they seem to receive up to fifteen pieces of mail a day advertising reverse mortgages. It's true the ads are everywhere. I'm not on the market for a reverse mortgage, but today I learned some new information when I talked to a Reverse Mortgage Consultant at a Workshop at the Central Coast Seniors Center, Oceano, California.

Suzie Smith, of the Pismo Beach area Wells Fargo, provided statistics showing the leap in the number of reverse mortgages today compared to 5, 10 or 15 years ago. With the aging of the population, and with needs for long-term care in the home or in a facility, medical bills, or other needs, the number of reverse mortgages will continue to climb.

Funds from a reverse mortgage can be used for any expenditure, including food, paying off bills, or taking a long-dreamed-of vacation before getting any older. Sometimes someone uses the money to buy a second home.

A reverse mortgage can be refinanced again later, providing it is worthwhile and not just "churning".

For every reverse mortgage it is a requirement to see an outside mortgage counselor. This third party independent counselor can provide seniors with guidance.

The FHA sets lending limits for each county, with the higher limits being in the most expensive counties. If the property has a mortgage on it, the reverse mortgage can pay that off in addition to providing funds for other expenses.

To get a reverse mortgage someone must be 62 years old, and live in the house as a primary residence.