Have you ever used or heard a word so often it briefly loses meaning? This phenomenon, known as semantic satiation, is more common than you might think. If you are a retiree or nearing retirement age, you likely hear a particular phrase repeated so often it is nearing this point: “peace of mind.” This word is targeted so often at seniors and retirees that it can all but begin to lose meaning. Peace of mind is important, but it can hardly be attained when it is only used as a simple buzzword or blanket statement.
The reason the phrase is so highly targeted this way is that retirement has no shortage of stressors and things to worry about. However, a tranquil mind can be achieved when plans are properly made, and potential challenges are proactively addressed. Below are three of the topmost retirement risks or concerns and how each can be addressed with one simple solution.
The Risks
- Prolonging a Fixed Income. Few things in life are more stressful than making a small sum of money last and accomplish all you need it to. The longer it needs to last, the higher the level of stress. Today’s retirees often find themselves in this predicament. Shrinking Social Security benefits, fewer pensions, and inflation all mean there is less money to go around while longer human lifespans mean it will need to last longer.
- Covering Healthcare Costs. Medical bills are among the top expenses for seniors today. The prices of treatment and prescription medications are rising – and what’s more, unforeseen health complications and costs can put a true strain on one’s budget. The notion that even a single health-related issue is all it takes to break the bank can make peace of mind feel out of reach.
- Home Upkeep and Maintenance. Keeping a nice home is important for comfort, happiness, and safety. However, as a person ages, they tend to encounter more and more physical and mobility-related challenges. These challenges make it increasingly difficult to put the proper TLC into their home. Not only can this make their home a less pleasant place to live and even reduce its value, but it can also create health hazards such as those with walkways or electrical systems.
The Solution
True peace of mind can only be achieved when there are measures in place to address your worries and concerns before they affect your life. A Reverse Mortgage can help you prepare for all three. A Reverse Mortgage is a type of loan that allows homeowners 62 and older to access cash or funds however they see fit. This could be a lump sum, a line of credit, a monthly payment, or some combination thereof. It does so using the equity that has been built in the home, effectively allowing you to access it early. Your peace of mind will be furthered knowing that you will retain full ownership of your home and can never owe more than it is worth.
Would you like to learn more about achieving true peace of mind with a Reverse Mortgage? Contact Retirement Home Equity Advisors today. We are a team of licensed specialists 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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