Top Ten Reasons To Get A Reverse Mortgage

Get to work on your retirement. You’ve been slowly getting ready for the “jump” into retirement for years, but you still want your life and everything that’s most important to you to stay in place. A reverse mortgage could be the connecting piece that allows you to move from full to part time work, or into retirement completely.

A reverse mortgage is a financial plan with clear terms. No secret trap doors and hidden clauses here- instead, we offer a variety of straightforward options for financial planning and refinancing. Many overlook a reverse mortgage as part of their financial planning for retirement because they simply don’t know what a great option it is, or because vague stigma steers them away. Understanding the ways that a reverse mortgage can be a helpful financial tool will broaden the possibilities for your retirement and help you take the next step towards your goals.

Put financial uncertainty aside and focus on what matters most. You have a financial plan for your retirement, but maybe it isn’t one that completely covers your needs the way you’d hoped. Slowly, retirement has become something to fear instead of something to look forward to.  If your worries about losing what’s most important to you are keeping you from moving forward with your plans, let us help you discover the options for embracing the next phase of your life. Ease worry and anxiety about financial uncertainties or gaps in your existing retirement plan, so you can put your energy and focus back into your life and your community.

See the future in a brighter light. A reverse mortgage gives you an opportunity to realize the dreams and plans you’ve had for this time. Your community, your friends, your family are all there for you – now the equity in your home can be too. With the expert help from our team, you can have a new picture of your financial options that will allow you to reframe the future of your retirement.

Have a reliable line of credit You might never need to access the funds, but a reverse mortgage can provide a comfortable emergency fund. Many seniors worry that unforeseen emergency or care expenses will cause them to become a financial burden to their family members, but using a reverse mortgage as a line of credit can give you reassurance that the home you live in is supporting you, too.

Pay off an existing mortgage and 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, hospitality and activities that are a part of who you are as a senior? A guest room that welcomes adult children and grandchildren, or visiting friends alike? Fitness and safety adaptations that will help you stay active and mobile in your home for years to come? Use a reverse mortgage to make changes you’ve imagined to the home you love.

Stay in your home long-term. Renovations for ease mobility, safety, or injury recovery are all possible necessary expenses if you plan to age in your home and stay active in your community for decades of retirement. The same goes for in-home care, especially if the need for round-the-clock or live-in care arises. Having a reverse mortgage can help you prepare for and cover those expenses without needing to use retirement savings designated for routine monthly living expenses.

Invest in your community, and in the next generation. With the decline in traditional pension plans, funds you may have planned to set aside for children and grandchildren during your lifetime may not be available right when you need them. A reverse mortgage can give you the funds you need to help finance a grandchild’s college education, or to help your children navigate maternity and paternity leave or a large move. If you are still working full or part time, funds borrowed from the equity of your home can be paid back without using other retirement savings, leaving the equity in your home intact for future generations.

Focus on what matters most. The peace of mind of using what for many retirees is your greatest asset – your home – can free you up to fully enjoy retirement while the equity in your home does the hard work for you. Relationships are what you’ve always prioritized, and now you can dive into enjoying them without distraction.

It’s a financial tool that you can take advantage of now. There is no guarantee that you will qualify for a reverse mortgage in the future, and a FAR specialist 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 getting to work on your retirement, or miss the opportunity for a new plan that allows you to enjoy your community and embrace the coming years.

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.