Looking For Extra Income? A Reverse Mortgage Can Help!

Looking For Extra Income? A Reverse Mortgage Can Help!

Homeowners who are at least 62 years and older can find that reverse mortgages can be an opportunity to gain extra income to spend on the things they want. With no restriction on how the money can be used, borrowers can use it from anything practical to leisurely, so that they are able to live the way that they want whether they are still working or not.

Reverse mortgage borrowers have used their funds for expenses such as paying off their credit card debt, buying a new car, helping a family member out, going on vacation or even to renovate the home for their comfort. A reverse mortgage loan offers these opportunities as it provides borrowers with the extra cash flow to be able to do what they want.

Here is how a reverse mortgage can provide the extra income you may need during your retirement years:

Gain access to equity in the home: Reverse mortgages allows homeowners to tap into a portion of the equity in their home. The equity taken out by a reverse mortgage can be used in any way that the borrower chooses, from paying off debt to going on a family cruise. Another benefit that is available to borrowers is that they can choose how they would like to receive their money, including monthly payments, a credit line, lump sum or any combination of those three.

Reverse mortgages can eliminate your monthly mortgage payment: With a reverse mortgage, borrowers can use their funds to pay off any existing mortgage on the home, and they are not required to make monthly payments to the lender as long as they continue to live on the property. Having the home paid off can free up some extra income that the borrower can put into savings or use as they please and the plus side is that they do not need to worry about paying their reverse mortgage lender as long as they continue to live in their home.

Reverse mortgages can be a great choice for those who qualify it and find that they can benefit from it. To learn more about how you can get started on a reverse mortgage, speak with our Senior Advisor at 1-888-808-8486.

 Read Related Articles:

A Quick Guide to Reverse Mortgages

5 Smart Uses for Reverse Mortgage Funds

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