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Oh no! Worried About a Monthly Mortgage Payment While Retired? Here is Your Solution.

Every time I see an advertisement regarding retirement portfolios on TV, I cringe because those retirees look happy. It seems they have been planning and getting all their ducks in a row forever. I applaud all who have done so, but wonder how many of us are really able to prepare like those people?

Today, many retirees are worried about whether or not they will ever be able to pay off their mortgages. According to American Financing’s 2017 Retirement and Mortgages Survey, 44% of 60-to-70-year old retirees have a mortgage in retirement. Another 32% thinks that it will take them more than eight years to pay off their mortgage.

Another survey taken by Fannie Mae revealed that baby boomers are carrying mortgage debt into retirement more than previous generations.  Carrie Niess, Business Analyst at American Financing, states, “Part of the American dream, and homeownership, is the expectation that after years of hard work, you can retire with financial security, but the unfortunate reality for many of today’s baby boomers is that their debt burden remains high.” He continues his statements by proclaiming that there are “many untapped options, such as refinancing and Reverse Mortgages, which many folks could benefit from.”

The survey data also revealed that 64% of 60-to-70-year olds plan to remain in their current home, while another 62% of retirees plan to leave their home to their children or their estate.  Out of the 800 participants surveyed,  a small percentage plans to refinance. However, 19% of participants do not know or do not understand the Reverse Mortgage.

With the results of this survey, it is certainly not hard to see that times have changed for today’s retirees.  Our economy is different, and retirement strategies/rules have changed how senior homeowners can ultimately enjoy their retirement while being debt free and comfortable within their home. Therefore, a Reverse Mortgage is an excellent option.

The Reverse Mortgage is a great program that allows senior homeowners, aged 62 and over, to convert their home value into cash that can be used to pay off their current mortgage while giving them the opportunity to age comfortably in their home. This is a great tool for a diverse range of senior homeowners with unique situations and backgrounds.

Whether a senior homeowner is struggling with debt, putting groceries on his/her table, or wanting to help their children or grandchildren out financially, the Reverse Mortgage provides relief and stability.   Best of all, the federal government insures the loan. If more and more seniors were properly educated about the Reverse Mortgage, more would be able to enjoy the financial freedom a Reverse Mortgage provides.

At Reverse Mortgage Answers, we have successfully been the local resource for thousands of senior homeowners to turn to when straddled in debt and needing another solution. We are happy to be the solution that you need, too. Call us toll-free at 1-800-420-5515.