In-home healthcare costs can quickly wipe out a lifetime of savings. Families then struggle to keep loved ones healthy and safe and in their own homes.

In many cases one or more of these family members are well into the process of planning their own retirement while taking on this added financial responsibility. Statistically speaking, most 60-year-olds have at least one living parent.

These expenses are compounded when family members use after-tax earnings to subsidize a parent’s ongoing care. Too often, they postpone their own retirements due to the added obligations.

A Home Equity Conversion Mortgage (HECM) loan from Bay Equity can help. Also known as Reverse Mortgages, HECMs are specially designed for Americans aged 62 and older.

HECM's allows seniors to put the equity in their homes to work for them. Bay Equity Home Loans offers a variety of Reverse Mortgage products that could reduce the cash-flow burden.

Caregivers, guardians, and conservators of incapacitated senior borrowers can use a reverse mortgage on the senior’s primary residence to access the equity to fund continued care (Conditions apply). The tax-free* proceeds can be taken via a lump sum, monthly disbursements, or a line of credit for access to the equity on demand.

The borrower continues to own the property, and is responsible for payment of taxes, insurance, and other property related charges and must comply with the terms of the financing agreements. If they choose, they need not make any monthly payments. Any unpaid loan balance becomes due when the borrower sells or passes away.

The significant increase in cash flow and other benefits from a Reverse Mortgage bring many borrowers – and their families - financial peace of mind.

Bay Equity has many available HECM solutions to the problems faced by families everywhere. Call us to find out more today.

This material is not from HUD or the FHA, and this document is not approved by HUD or by the FHA or any other Federal Agency. Not available in all states. Contact your loan officer for more information.

*Consult your tax advisor