Most Americans usually run out of money in their retirement years before they pass away. For these people, their only income is the social security check they receive monthly.
For the ones who have a 401 (k), IRA or other forms of retirement savings, they will take from these assets as soon as they retire. This isn’t usually the best option.
Read on to learn how a reverse mortgage can be an investment tool to help you in your retirement years.
Getting a reverse mortgage can present you an opportunity to avoid taking from those assets by using the equity in your home to supplement your income through your retirement years.
A report by CNBC reveals that an average American would need about $1 Million in assets to retire without outliving their savings. Many people feel cheated out of their retirement because they use up their assets so fast, especially the 401 (k) s and IRAs.
The funds in those accounts are blown so quickly because they are easy to access when people reach retirement age.
Most retirees feel pressured to utilize assets immediately instead of spreading them out and using them as one would use a monthly paycheck.
A reverse mortgage offers another solution in this case. You can use a reverse mortgage as your sole source of income, allowing your investments to increase in value over time.
Reverse mortgages are great assets for various reasons. They will not only get rid of your monthly mortgage payments, but they will also help to increase your monthly income by supplementing the money you get from your retirement savings.
Assuming you have put money into your retirement savings as well as into your home, you can use that money in your home to help you gain more freedom in your retirement. Doing this will help you worry less about running out of money in your retirement years.
Talk to our licensed specialists today for more info about how you can use a reverse mortgage for investment.