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Risky Reverse Mortgages

Posted: January 8, 2013

As the Marketing Director of Shillman House , the non-sectarian, senior independent living community that Jewish Community Housing for the Elderly manages in Framingham, Massachusetts,  I meet people multiple times a day looking for housing solutions for either themselves or their older parents. People have a wide range of concerns with their current living situation.  Many times they are concerned with wanting a vibrant community rather than living in an isolating environment; or are concerned with transportation when it may be time to give up driving; or tired of worrying about maintaining their homes or managing unsafe stairways and bathrooms. And sometimes they are just tired of cooking meals and look forward to having dinners served to them.

Regardless of the motivation, one factor we all have to be concerned about is our own financial wellbeing and sustainability as well as that of our loved ones. From my experience in this position, I have become very concerned about people who may be considering the option of Risky Reverse Mortgages. I am not a financial expert and perhaps for some people over 62 years of age there are situations where reverse mortgages may make sound sense. I urge you to seek professional advice for all matters concerning personal finance.

What I feel very strongly about is that as an alternative to relying on a reverse mortgage to fund your current lifestyle in your current home, a plan involving the sale of your home bundled with a long term strategy of housing options in a rental Independent Living community deserve a thoughtful investigation as a means towards financial preservation and the goal of aging in place.  Please feel free to contact me today to arrange for a tour and discuss your options regarding Independent Living.

Scott Brightman

Marketing Director of the Shillman House

508-405-8606 or sbrightman@jche.org

 

 

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