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Fulfilling Your Travel Retirement Dreams

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With summer here, vacation and family trips are on many people’s minds. Whether you are a nature enthusiast or a beach bum  – the summer plans are endless and if you are retired, time is almost limitless. With a reverse mortgage, because there is no regulation on how you can spend your money, some borrowers use a portion of their reverse mortgages to help fund for a vacation in their retirement.

Vacations Dreams and Reverse Mortgages

Learn how a reverse mortgage can be part of fulfilling some of your retirement dreams:

Reverse Mortgages: A regular reverse mortgage can be a way to get you to your dream vacation destinations. One advantage that a reverse mortgage loan has over the HECM for Purchase is that you are able to purchase a vacation home with your proceeds, as long as the home that you took the loan out on continues to be your primary residence. Another way you can use your reverse mortgage is to help fund your vacation. Are you looking to buy an RV to take a cross-country road trip? Looking to spend the weekend at Disney World with the grand kids? Or would you like to take a second honeymoon trip to Europe?

HECM for Purchase: A HECM for Purchase is a product that allows borrowers to purchase new homes to permanently live in, with the luxury of not having to make monthly payments. Unfortunately, a misconception about the HECM for Purchase product has been going around stating that borrowers are able to buy a vacation with this product. To clarify, borrowers are not able to purchase a vacation home with a HECM for Purchase product but if you are looking to purchase a primary residence in a popular vacation destination area, then it is possible. If your dream has always been to live in a sunny beach town or you prefer to live in a place where hiking trails are abundant – it is possible to use the HECM for Purchase to buy a home near or in areas popular for vacationers. As long as you are living in the home as your primary residence, this program can work for you and make your dream retirement home happen.

Vacations and homes in an ideal vacation spot are attainable with reverse mortgages. With the ability to turn the equity in your home into cash, you are able to receive the extra cash flow for you to continue to live life the way you want to in your retirement years. To  learn more about the HECM for Purchase and reverse mortgage products, speak with a Senior Advisor today at 1-888-808-8486.

Image courtesy of [Simon Howden] / FreeDigitalPhotos.net

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