The reverse mortgage offers incredible flexibility whether you’re looking to purchase a new home, get rid of an existing mortgage, or you’re just looking for an extra cushion for your retirement funds.
Irrespective of what your retirement plan looks like, a reverse mortgage may be able to enhance a future financial situation for you.
However, just like everything in life, timing is equally important when it comes to getting a reverse mortgage in Maryland.
There are good times to get a reverse mortgage and there are great times to get one. The preceding points will point out the best time to get a reverse mortgage.
Early Bird
You could get a reverse mortgage as a lump sum or choose to get it as monthly disbursements to assist with immediate expenses while allowing other investments to grow in value.
You could also leave your line of credit alone. Doing this will cause the unused funds to increase in value over a period of time and allow you more money to access in the future. These funds will not waver based on your home value.
The earlier you establish your line of credit, the more time it will have to grow in value. This is why it is important to get a reverse mortgage as soon as possible.
Do You Need Money Now?
Although the HECM line of credit is a great tool for long-term planning, sometimes the money from a reverse mortgage is required for an immediate need.
If an immediate need arises, it would make more sense to get a reverse mortgage as soon as you can get your hands on it. While there are many other financial options you can access, a reverse mortgage is a relatively quick way to access a lot of funds depending on your home equity.
Pay Attention to Current Economic Trends
Take certain economic trends into account when deciding on a reverse mortgage. For instance, it is definitely worthwhile to pay attention to fluctuations in home values.
When your home is highly valued, the proceeds from a reverse mortgage will also be higher. Likewise, when the interests are low, you could also get access to more money.
To know more about the best time to get a reverse mortgage, speak with one of our licensed specialists and a financial advisor.