Find Financial Flexibility with Reverse Mortgages

While the economy is getting better, remnants of of the recession may still have an effect on many boomers who find that their nest eggs is not nearly as strong as they had hoped. Reverse mortgages is an option available to those 62 years and older, to help them find the financial freedom and flexibility that they need and deserve during their retirement years.

A reverse mortgage can be an invaluable supplement to a homeowners’ retirement strategy, especially for those who have not fully recovered from the wrath of the recession. It is available to homeowners who are at least 62 years and older with substantial equity in their home. A reverse mortgage turns a portion of the home equity into cash, which in turn, the borrower can use in any way that they choose. Another benefit of a reverse mortgage is that borrowers are not required to make monthly payments to the lender, as long as they continue to keep up with their responsibilities to the lender.

Seniors who turn to reverse mortgages for financial flexibility can find in many different ways for their retirement years. Here are some examples:

1. Pay Off Current Mortgage

A goal of many retirees is that they no longer have to make mortgage payments. If you still have a mortgage on your home, a reverse mortgage can help pay it off and allow for you to live comfortably in your home for as long as you want. When you pay off your mortgage, you are able to breath knowing the relief of no longer having to make those payments.

2. Home Repairs/Renovation

The purpose of a reverse mortgage is to allow seniors to age in place comfortably, and with the funds, you are able to do so in the comfort of your home. If your home is older, there may be some repairs that may need to be done for the sake of safety and aesthetic, which can include repairing the roofs, re-flooring and more. Renovations can also be done to make the home the way you have always wanted. When your children were living in the home, maybe you did not have the time or money to get the granite counter in the kitchen like you’ve always wanted. But now you are able to able to build the dream kitchen you have always wanted, that even Martha Stewart would be jealous of.

3. Help Pay for Medical Bills/Expenses

Seniors should be aware that while Medicare is a great program, it does not pay for everything. However, a reverse mortgage can help pay off some of the medical bills that you may have accumulated or even assist in paying some of the expenses. Some of the medical expenses that a reverse mortgage can help pay for include long-term care, prescription medicine, co-pays and more. Medical bills and expenses can be a huge part of your retirement budget, but could be alleviated with the help of your reverse mortgage funds.

4. Make Room for Fun

Your reverse mortgage funds are your money and no one can tell you how to spend it. Many soon-to-be retirees dream of their lives during retirement and some picture it to be filled with adventures. A reverse mortgage can help finance the trip of your dreams or even help pay for a new toy such as a car. Retirees could also use their funds to buy a brand new car to use for their retirement. Whatever you can dream of – there is a chance your reverse mortgage funds can help.

For more information about reverse mortgages and how they can help, you can speak with a Senior Advisor at 1-888-808-8486.

Read Related Articles:

5 Benefits of a Reverse Mortgage

Reverse Mortgages for Your Medical Expenses

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