5 Ways A Reverse Mortgage Could Benefit You
You’ve heard about seniors benefiting from reverse mortgages. But how can a reverse mortgage benefit you? Here are 5 ways a reverse mortgage may benefit you:
1. Additional Income
Would $500 to $1000 extra each month, or possibly more, be helpful? With a reverse mortgage, you may qualify for a fixed monthly income. This income would come to you, tax-free, for the rest of the time you live in your home, no matter how long you are there.
2. Protect Your Spouse
Life can be unpredictable. If you or your spouse were to pass away, would the surviving spouse have enough income to maintain their lifestyle? With a reverse mortgage, you can make sure you and your spouse are prepared. A reverse mortgage may get rid of the monthly mortgage payment, provide a monthly income and/or a line of credit (or all three). Make sure your spouse is taken care of, even if you can’t be there to do it yourself.
3. Better Cash Flow
Have you seen your retirement funds rise and fall? As a senior on a fixed income, you don’t have the luxury of waiting for your investments to climb out of the hole they created before you withdraw money from them. A reverse mortgage can help. When your investments are at a low point you could draw money from your reverse mortgage and when they rise you could take a little extra and pay your reverse mortgage back, or not — you decide. Either way, your investments win.
4. Pay Off Your Current Mortgage
What would your budget look like if you didn’t have to pay a mortgage? A lot of seniors would like to retire and the only thing holding them back is the mortgage payment on the home they own. With a reverse mortgage, the first thing we do is pay off your existing mortgage. No mortgage payment for the rest of the time you stay in your home. Think of the things you could do with the extra money.
5. Get In-Home Care
Many times, it is cheaper and so much nicer to be cared for in your home instead of being sent to a nursing home. A reverse mortgage can give you the money you need to pay for in-home health care. Allowing you to stay in familiar surroundings, someplace you feel safe and comfortable.
This is only a small sample of the things a reverse mortgage is good for. Tell us your dreams, your bucket list, what are you putting off? We can help you do those things. Let’s talk. I would love to hear all about them.