Realize your plans for retirement, don’t just make them.
You’ve led a life of independence and drive, made a financial plan for your retirement, and are looking forward to the next step. Don’t linger on the edge wondering if you really have everything lined up to live out your future the way you’ve dreamed. A reverse mortgage might be the platform that allows you to jump – securely and squarely – into your next big adventure.
Know exactly what all your options are. Keep your financial possibilities flexible by fully understanding the ways that a reverse mortgage can be a helpful financial tool for you. It will broaden the possibilities for your retirement if you understand the different packages available to you and what their uses are. You can take the next step towards your goals while keeping control of your assets by letting your home equity do the work for you.
Increase your buying power to finance a new home or condo. Your house does not define you, but it can help you define your retirement. If a move is part of exploring your new options, a reverse mortgage for purchase loan can help you downsize to a smaller home or condo in an exciting new location, or upsize to the home you can imagine entertaining for the next twenty years in. Rather than holding most of your wealth in real estate that doesn’t take you anywhere, a reverse mortgage can help you relocate, upsize, or downsize, and still keep cash in the bank.
Renovate your home. Your needs within your home change as retirement nears, and will change again as you age. Small repairs and routine maintenance add up, certainly, but what about adapting your home to the interests, activities and passions that are a part of who you are now? Guest rooms that invite friends and acquaintances to fly in for a visit? An updated kitchen so you can finally get to work on that Michelin star for your dining room? An in-home gym and safety adaptations that will help you stay active and mobile for years to come? Reverse mortgages can be an excellent tool for transforming the home you own now into the home you’ll be excited to hold on to.
Start a new business. You’re not ready to rest on your laurels just yet, and the business plan you’ve had on the back burner for the past few years is waiting for you. Or maybe you have a part time passion project and still work a full-time job, but you are ready to trade roles and put all of your considerable energy into that passion project. We can help you do it.
Go on the trip of a lifetime. If your retirement savings for a monthly expenses and medical insurance don’t stretch to visiting old friends in exotic locations, credit from a reverse mortgage does. There’s no better time to use what’s available to you, and you can’t take it wit you when you go. Embark on your next adventure with confidence knowing that while you explore new horizons and gain new experiences, your assets are working for you back home.
Have a reliable line of credit. You might never need to access the funds, but a reverse mortgage can provide a comfortable emergency fund, there if you need it. And it’s a credit line that you can pay down and borrow from again after the first year, so if you choose to use it to pay off debt or to refinance, it’s there for you again in an emergency should you pay off what you used.
Have a backup plan for unexpected medical bills and expensive insurance. Aging independently in your own home is a priority, allowing you freedom and flexibility. But the realities of aging often mean extra expense if you want to do so. A reverse mortgage can fund future in-home care, or be used to pay the premiums on your existing insurance policy, or to cover surprise medical costs. It can also be a tool for you to make safety and accessibility adjustments to your home that allow you to maintain maximum independence as you age.
It’s a financial tool that you can take advantage of now. There is no guarantee that you will quality for a reverse mortgage in the future, and reverse mortgage specialist from FAR can help you find out if you meet the requirements and if a reverse mortgage is a good option for you today. You don’t have to put off knowing all your options, or miss the opportunity for a strong financial plan.
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.