Achieving a comfortable retirement is becoming more and more difficult for the seniors of today. Wages have not kept up with inflation, the Social Security trust fund is dwindling, pensions are becoming a thing of the past, and the costs of healthcare and medication are steadily climbing. What’s more, humans are living longer and longer; while this is a wonderful thing in and of itself, it makes stretching your retirement savings all the more challenging. Wouldn’t it be nice if there was a way to supplement your retirement income now, even if you couldn’t afford to make large investments before retiring? Luckily, there is: a Reverse Mortgage!
Reverse Mortgages are helping retired homeowners nationwide access additional funds without dipping into their nest egg or making high-risk investments. They are also a much safer option than many people realize; they are recognized by the U.S. Federal Government, and they have many protective measures in place for those who choose them.
If you think a Reverse Mortgage may be right for you, below is some information in a few key areas to get you started.
What is a Reverse Mortgage?
A Reverse Mortgage is a mortgage loan designed to help homeowners access a significant portion of the equity that their home has accumulated during ownership. They are geared towards older homeowners as they are an effective way to supplement a fixed income during retirement. They have many advantages including the absence of a monthly payment and no required repayment until the termination of the loan.
What are the Benefits of a Reverse Mortgage?
Reverse Mortgages have many benefits:
- You maintain ownership of your home and your name stays on the title
- You will never owe more on your home than it is worth
- You will not have to make monthly payments
- You are not required to provide repayment until the loan is terminated
- You can use your funds however you see fit – eliminate debt, pay for medical expenses, improve your home, prolong your nest egg, and more
What are the Requirements of a Reverse Mortgage?
In order to be eligible, you must:
- Be 62 years of age or older
- Maintain residence in the mortgaged home
- Meet a certain level of home equity
- Not have any federal debt delinquency
- Take part in an educational counseling session held by a U.S. Government-approved counselor
Are Reverse Mortgages Legitimate?
Yes. Reverse Mortgages are a completely legitimate and above-board resource. Unfortunately, similar to other legitimate entities like the Social Security Administration (SSA) and the Internal Revenue Service (IRS), they can be used in name by criminals to perpetrate fraud and scams. It is for this reason that Reverse Mortgage holders must complete an educational session conducted by a counselor approved by the United States Housing and Urban Development (HUD). By completing this session, you will learn how to choose a safe and dependable Reverse Mortgage Specialist.
Learn About the Benefits of a Reverse Mortgage For You
Would you like to learn more about what a Reverse Mortgage could do for you? If so, contact Retirement Home Equity Advisors today. We are a team of licensed specialists located in Gilbert, Arizona serving senior homeowners throughout the States of Arizona, California, and Colorado. We can help you strategically leverage your home equity to decrease risk and improve financial stability throughout your retirement.
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