Update on COVID-19

Finance of America Reverse LLC (“FAR”) understands you may be facing unique hardships during this difficult time. Many borrowers who are currently experiencing financial distress related to COVID-19 may be eligible for some type of assistance. Please contact us for information regarding options that may be available to you. If you are impacted by COVID-19, please call 866-654-0020 and have your loan number ready for the Customer Service representative.

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You’ve worked hard for your house and now it’s time to put that resource to work for you! This article identifies several companies and methods to make money around the house and create a sustainable source of income.

Supplement Retirement Income with HomeSharing

Today, the baby boomer generation is making the idea of sharing your house with other senior roommates a reality. This is especially true for seniors who find themselves living alone and dealing with rising living costs.

With rising costs of living and fixed low-incomes, seniors can use all of the financial help they can get. Along with bringing in income from rent, homesharing can reduce living expenses including utilities, internet, transportation, shared groceries and more.

In many homesharing arrangements, homeowners offer reduced rent in exchange for help around the house or in the yard. In this way, homesharing creates not just financial independence but physical independence and the ability to age in place.

Silvernest has homesharing for seniors down to a science. Based on the preferences you indicate in your profile, the Silvernest system will automatically match you with compatible housemates in your area. They encourage you to communicate with as many candidates as you like until you find the perfect match.

After helping you find your housemate, Silvernest provides the tools and support you need to make the most of your homesharing experience—including a rent calculator and automatic rent payment processing, an easy lease creator, access to legal counsel and homesharing experts, and more.

Get Recycling Rewards

Most of us diligently separate recyclables from trash every day, but did you know that you can earn points for your efforts? If you are one of the millions of earth-friendly people throwing paper and cans into the blue barrel, then you could be earning rewards around town. Recycle Bank is a company that will do just that – sign up with the program to earn points that can be redeemed for discounts restaurants and eco-friendly businesses in your neighborhood.

Lower Your Monthly Bills

Put more money in your pocket by lowering your monthly bills. Negotiating experts at Billshark are here to help do just that. The founders of Billshark came from the telecommunications industry so they know exactly where big utilities are overcharging and they will fight to get you discounts. This goes for all of your large bills such as internet, cable and cell phone. Also, Billshark doesn’t charge you unless they are able to negotiate a lower bill so there’s nothing to lose!

Put Your Home Equity to Work    

The reverse mortgage can be a powerful tool to improve your retirement income plan. It enables senior homeowners age 62 and older to access a portion of their home’s equity and turn it into tax-free cash. If you are committed to staying in your home, a reverse mortgage may be a real solution to secure financial security because unlike a traditional mortgage, you are not required to make any monthly mortgage payments.

You can choose to receive these funds as a line of credit, as a steady income, or as a lump sum depending on your financial situation. If you are interested in using the financial asset that is your home to help support you through retirement, a reverse mortgage is something to consider. Even if you plan to downsize your home to better meet your needs, or want to move closer to family, a reverse mortgage can help finance that new home without an extra mortgage payment.

Reverse mortgages, with their built-in consumer safeguards and flexible options for accessing equity, are transforming the way people approach retirement. With any financial decision, it is important to carefully consider your options. The right financial advisor can guide you to a great decision that works.

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.