4 Ways A Reverse Mortgage Can Help You

If you are struggling with your finances, a reverse mortgage can help you in many different ways. With many advantages to this program, many older homeowners can continue to live in their home worry-free.

1. Prevent foreclosure: For those who are on the verge of losing their home through a foreclosure, a reverse mortgage can help you get out of a foreclosure and find the peace of mind of living in your home for as long as you choose to do so.

2. Build a rainy day fund: Reverse mortgages can be used as a safety net for potential emergencies that you may encounter, whether it is a home repair, medical emergency or any other expenses that you do not foresee or hope to happen in the near future. Financial preparedness and having access to emergency savings can keep you from running into trouble when unexpected expenses come up.

3. Improve your quality of life: With reverse mortgages, you can find relief from your financial struggles and use it to improve your quality of life. Borrowers can benefit from reverse mortgages because they are not required to make payments on the loan, as long as they continue to live in their home. This can relieve some older homeowners to be able to use their money for whatever they need – such as groceries, to pay off bills, medical expenses and much more without struggling with a limited income.

4. Pay off debt: Are you having difficulty keeping up with your bills? Reverse mortgages can be used to pay off debt, such as your remaining home balance, credit card bills, medical bills and other bills that you want to get rid of. Using your reverse mortgage to pay off debt can help you free up your finances to be able to live more comfortably in your retirement.

No matter what your situation is, a reverse mortgage may be the right answer for you. To learn more about this program, speak with a Senior Advisor today at 1-888-QUALIFY.

Image courtesy of [Stuart Miles] / FreeDigitalPhotos.net