Louisiana Homeowners Use a Reverse Mortgages to Overcome Hardships
The spirited city of New Orleans took a big hit in recent years with a category five hurricane destroying most of the city and an oil spill threatening its beaches and waterways. This dilemma begs the question: What are senior homeowners doing to survive these natural and economic disasters?
Despite Decreased Home Values, Louisiana Residents Still Seem Optimistic
According to a recent study, Louisiana home prices and values have dropped by more than $15,000 statewide and more than $45,000 in the city of New Orleans alone since 2008. Even though home values have dropped dramatically, residents are still optimistic because the decrease has actually made senior nursing homes among the most affordable in the country. In addition, many seniors are using a Louisiana reverse mortgage to help them remain in their homes and maintain their current lifestyle in this shaky economy.
What is a Louisiana Reverse Mortgage?
A reverse mortgage in Louisiana can help seniors 62 years old or older continue to live in their home despite economic turmoil. A Louisiana reverse mortgage is available to any senior that meets the age and home equity requirement.
A reverse mortgage in Louisiana is designed to help seniors use their home to stay in their home. This unique financial program allows the borrowers to never have to make another monthly mortgage payment again. As long as a senior maintains the home, remains current on its taxes and insurance, and lives there at least six months out of the year, they can stay in it as long as they would like. After paying off the existing loan on the house, the remaining funds of a Louisiana reverse mortgage can be used however a borrower sees fit. A reverse mortgage can be the key to living comfortably in a person’s home as long as possible.
A Louisiana reverse mortgage can help convert home equity into usable funds. After paying off all liens on a person’s primary residence, the remainder of the funds can be used however a person wishes. Louisiana reverse mortgages offer several disbursement options in order to make sure that this unique product is customized to fit each individual’s lifestyle. The lump sum disbursement option is the most popular and is based on a fixed interest rate. The other options include a line of credit, monthly payouts, or some combination of all of these options.
To learn more about how Louisiana residents are using a reverse mortgage, talk to a loan expert that specializes in the state of Louisiana.
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