By Jerry Heard, Reverse Mortgage Specialist at Cincinnati Federal Savings and Loan

I thought I’d bring up a couple features of reverse mortgages that you may not be aware of. Remember, a reverse mortgage can be a great tool if used properly. Besides the obvious benefits of providing financial independence to our seniors, it can also be used for a new home purchase as well as an invaluable investment opportunity.reverse mortgage cincinnati home care

1st, reverse mortgages are now allowed on a new home purchase. Let me show you how make the most out of a reverse mortgage by purchasing more house and or saving money. A simple illustration is as follows. Mr. and Mrs. Doe, both over 62 are ready to downsize into a smaller home or condo. After selling their current home, the net $150,000 from the sale and want to buy the new property outright to avoid a new mortgage payment. With the reverse mortgage option, the can put less than half of that $150,000 down, do a reverse mortgage for the remainder, and leave over $75,000 in the bank. They still have NO mortgage payment, couple with the added security of a substantial amount of money that can use as needed.

2nd¸let me show you, your loved ones or clients, the benefits associated with the equity line feature of a reverse mortgage. It actually earns interest for the homeowner. That’s a great thing, especially in the current financial environment we are in. Let’s look at this illustration. Mr. and Mrs. Smith own their home free and clear, and it’s valued at $200,000. Let’s assume they qualify to use $140,000 of their equity with a reverse mortgage. Under the equity line feature, they will actually earn interest (tax free) on that available equity. It offers the security of having access to those funds if needed, on top of earning interest. It’s a great way to help grow their portfolio, especially in these uncertain economic times.

I am always available to answer your questions on the 2 scenarios above, or on reverse mortgages in general.

I truly believe our seniors will live happier, healthier, longer lives in the comfort of their own home, and a reverse mortgage can provide the financial independence needed to keep them their.

Have a great day,

“It’s all about helping seniors”


Jerry Heard

Reverse Mortgage Specialist

Cincinnati Federal Savings and Loan

(513) 328-8773 – cell


For more information about reverse mortgages

select my Consumer Guide to Reverse Mortgages


Select my Reverse Mortgage Calculator for

an estimate of your reverse mortgage options.




Tender Hearts at Home Senior Care of Cincinnati, Ohio provides the best non-medical home care services with compassionate caregivers. They provide home health care, elder care, live in care, personal care, companion care, respite care, errands, transportation, home helper and senior helper services and all many other types of non-medical senior care. A family owned and operated company in Cincinnati, Ohio serving Hamilton, Butler, Warren, and Clermont counties. Family Helping Families. Please call us when your loved one needs help at 513-234-0805

Tags: , ,