The biggest concern for older adults today, besides rising health care costs, is the fear of not having enough money to meet their financial needs in retirement.
A Home Equity Conversion Mortgage, also known as a Reverse Mortgage, provides an alternate solution for adult home owners, age 62 and older, to help meet their financial needs in retirement. Whether it is for an immediate need, or a financial plan for the future, a Reverse Mortgage provides a way to access part of the equity in their home to help them age in place with peace of mind, and no monthly mortgage payment.
Here are some ways that a Reverse Mortgage could help you:
- Eliminate mortgage payment: Increase the monthly cash flow by eliminating a monthly mortgage payment.
- Prepare for the unexpected: A Line of Credit can be established in reserve to cover those unexpected life events and expenses outside of the normal monthly budget…and best of all it keeps growing.
- Make home modifications or repairs: Make needed repairs or modify the home to meet physical challenges to help age in place successfully.
- Replace loss of income: Help replace reduced income due to loss of employment or a spouse.
- Consolidate debt: Get rid of those high interest credit card balances and eliminate those monthly payments.
- Get some breathing room: Instead of just covering the monthly bills and expenses have some extra money to enjoy the finer things in life.
- Help cover long term care needs: Use funds to help cover the costs for caring for a loved one at home.
- Offset market decline: Use Reverse Mortgage funds instead of withdrawing funds from your investments when market is volatile.
- Downsize with a Reverse for Purchase: Purchase a smaller, more affordable home with no monthly mortgage payment.
Take the time to learn if a Reverse Mortgage is right for you. Please feel free to contact me for information. See my bio below.