When senior homeowners hear about a reverse mortgage, many are resistant as they are believing myths, rumors, and horror stories of how the program USED to be. Many of the issues that gave reverse mortgages a bad rap have been corrected in recent years.
As I talk with senior homeowners about reverse mortgages, their default response is “I’m doing fine” and “I don’t need a reverse mortgage.” My response is usually “that’s great for today but what if a reverse mortgage could position you to be in BETTER shape financially as you age?”
A reverse mortgage is used in 3 primary ways:
- Eliminate a mandatory monthly mortgage payment, freeing up the largest expense a senior in or entering retirement has
- Unlock and access home equity tax-free via lump sum, monthly installments or a line of credit that can grow 3-5% annually with compound interest despite what happens to the real estate market
- Increase your purchasing power so you can live in a home that fits this stage of life, i.e. no maintenance, or stairs, or upkeep, and live closer to the kids and grandkids
Open-minded senior homeowners are wise to consider a reverse mortgage to position themselves so they are in better shape as they age. Be open-minded. A reverse mortgage is not for everyone, but it may make a difference in your situation. It’s free to find out if you qualify. Call 833-693-7848 today!