Are you nearing retirement and getting anxious about where you stand financially? You may worry that your retirement funds will not be enough to cover all of your expenses. If you are like most retirees, you may be contemplating supplementing your retirement income. On the contrary, have you already retired and found it difficult to keep up with your monthly expenses? Between mortgage payments, medical bills, and other money-related issues that suddenly arise- it may seem as though there isn’t a clear solution.
If either scenario applies to you, you may not be aware that as a senior homeowner, you already have the solution to supplement your income right now! Think about it: you have already worked hard over the last 30 years or more paying a monthly mortgage which built equity into your home. Allow all of that labor and equity you saved to help you with a product called a reverse mortgage. A reverse mortgage is a loan product that allows senior homeowners, as such as yourself, to access some of the saved equity in your home while you are currently residing there, as long as you meet all loan terms. To qualify you must be 62 years of age and older, own your home, and the home must be your primary residence. Here are the five things that a reverse mortgage means for you:
- No More Monthly Mortgage Payments – Wouldn’t that be amazing? Research shows that homeowners spend roughly 30% of their monthly income on retirement expenses. Since paying off your existing mortgage is a requirement of completing the reverse mortgage loan, you will no longer make monthly payments.
- Aging Inside the Comfort of Your Home – Memories, raising your family, and great sentimental values are inside of your home. It would be devastating to think about giving that up! Research shows that 81% of seniors would prefer to age in their home and hire in-home services if need be. A reverse mortgage would make that dream come true!
- Affording Medical Bills – Moving into retirement age should never allow you to compromise your health. Hesitating to move forward with a certain treatment plan or purchasing medication due to lack of funds can be problematic! With a reverse mortgage, you’ll have the extra funds available to keep your health a priority.
- Eliminating Credit Card Debt – Having rotating credit card payments with climbing interest rates can be a never-ending cycle. A reverse mortgage loan could pay off your existing credit card debt, and help to rebuild your credit score while putting those funds back where they belong: into your wallet.
- Personal Assistance – The application process for a reverse mortgage is a personal, scary, but rewarding experience all at once. However, here at Reverse Mortgage Answers, you don’t have to be alone. With over 25 years of experience, you can trust that you are in the hands of qualified professionals who will guide and contact you throughout the entire process.
So, give us a call today at 1-800-420-5515 if you are interested in learning more about the benefits of a reverse mortgage and how it could benefit the quality of your retirement!