Reverse Mortgage – Why you might need one?
A reverse mortgage is a great source of extra ease and money during your retirement. Why might you need this? You can use the extra money in several ways:
1) A line of credit that you can use anyway or no way. A reserve to pay for rising or unexpected expenses in retirement – use for paying taxes and insurance on your home too.
2) A source of every day income for every day needs.
You can also get out a lump sum of money and still live in your home without payments:
1) pay off existing mortgage loan – that would cut your mortgage expenses.
2) modify your home with repairs and improvements so that you can age in place
or Get monthly payments:
1) payments for life are an income source but they don’t increase with the cost of living so they may not buy as much as inflation rises
2) Payments for a set period of time which can help you delay claiming Social Security and that makes that payment larger the longer that you wait.
For more information – call me to day and let me run the numbers and see how a reverse mortgage might help you as you age.