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3 Reasons Retirees Choose Reverse Mortgages

3 Reasons Retirees Choose Reverse Mortgages

With the baby boomer generation aging out of the workforce, there is one thing at the top of everyone’s mind—retirement.  Now more than ever, retirement is a cause for concern as fewer companies are offering pensions and the cost of healthcare is rising.  That being said, many retirees are finding comfort in the flexibility and resources Reverse Mortgages offer.  If you are a baby boomer considering your retirement options, here are a few reasons you may want to consider a Reverse Mortgage.

Reverse Mortgages allow you to delay Social Security.

Many people choose to retire or need to retire before they reach the full retirement age.  This means they are unable to draw Social Security.  For many retirees, going without that extra income is simply not an option.  As a result, many retirees opt for a Reverse Mortgage to cover their extra expenses. Once their Social Security is fully matured, they can relinquish the Reverse Mortgage and begin drawing benefits.  For these people, Reverse Mortgages are a temporary fix until they reach a long-term solution.

Reverse Mortgages allow extra income for medical expenses.

When you take out a Reverse Mortgage, you can choose to receive a specific amount each month.  You can then use that loan amount to aid you in any of your day-to-day expenses. Many retirees choose to use their Reverse Mortgage income as a health insurance and health cost stipend so they know they will be able to cover any expenses that may arise.

Reverse Mortgages allow you to age in place.

When it comes to retirement, most retirees want to know they will be able to live in their home for the duration of their life without having to turn over their assets and move to a senior care facility.  Reverse Mortgages help people live with the peace of mind that this is possible.  With the income from a Reverse Mortgage, retirees can plan to cover expenses such as in-home care or other living expenses they might not otherwise be able to afford.

Are you facing the exciting opportunity of retirement? If so, you might want to consider talking to an expert about a Reverse Mortgage.  Call Reverse Mortgage Answers now at 1-800-420-5515.   It might be just the solution you need.