Is a reverse mortgage a loan of last resort?
Sadly, many people have this misconception.
But quite the opposite is true. A reverse mortgage could be the key to a happy retirement.Secure your retirement with a reverse mortgage. Start here.
Boomers haven’t saved enough
Baby Boomers are worried.
According to the Transamerica Center for Retirement Studies, Boomers have saved a median of only $202,000 for retirement.
This amount certainly won’t last the 20 or more years Boomers plan to be retired.
And at a 4% yield, that amount would only produce $650 per month in interest income.
That’s hardly enough to retire on.
How a Reverse Mortgage improves your retirement
What if you could tap into your home equity to pay you $500, $1,000 or even $2,000 per month for life, while eliminating your mortgage payment?
Would that change how you feel about retiring?
Eliminating your mortgage payment and receiving a monthly payment could certainly open up possibilities.
Suddenly, travel, visits with loved ones, and aging in place become real possibilities.See what a reverse mortgage can do for you. Start here.
Baby Boomers are sitting on trillions in home equity
A recent Money article pointed out that U.S. homeowners are sitting on $8.1 trillion in equity. And Baby Boomers likely hold the lion’s share.
Why worry about retirement when you are so equity-rich? You purchased your home years ago. You faithfully made your payment.
Now it’s time to let your home reward you for your hard work.
Don’t settle in retirement. Thrive.
Those who are 62 and older — and even those below this age — should start planning a reverse mortgage as part of their retirement strategy.
No, it’s not a loan of last resort. It’s a powerful retirement tool that takes the pressure off of you and your family.
Ready to get started?See if a reverse mortgage can boost your retirement.
FAQ: Reverse Mortgage For Retirement
At least one loan applicant must be 62 or older. You can add a younger non-borrowing spouse to the loan documents
While you must maintain the home, and pay property taxes and insurance, the loan does not require monthly payments, freeing up vital income in retirement.
A reverse mortgage pays off your current loan, if you have one. In addition, it can give you a lump sum, line of credit, or monthly payments. Amounts vary based on your age, home equity, and other factors.
Take the first step to improving your retirement
A reverse mortgage can make all the difference in your retirement. You’ve earned the equity in your home. It’s time to use it.Get started on your reverse mortgage.
Our advise is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.