Not everyone past the age of 60 gets to see a steady flow of income through employment. It is true when you are not on your own and have spent your life working for someone.
Property acquired by you at the prime your life can turn out tao be a good source of income to you, especially if you are 62 years of age or above. We are talking about a reverse mortgage here.
The Reverse mortgage makes payback optional, although property taxes and homeowners insurance are to be paid on schedule.
Have a look at how a reverse mortgage can help you post-retirement.
Guards you against market uncertainties
Returns from saving & investments help you post-retirement, but then, changes in interest rates and adverse stock market conditions may make an impact at times. A reverse mortgage proves handy here, hedging against such risks. A mortgage-free home or a good home equity will make you eligible for a high reverse mortgage line of credit. Normally, it can be half the value of your property if you have a mortgage-free home.
Extend Retirement Sustainability by Delaying Social Security Benefits
You can use your reverse mortgage to fund you for a few years post-retirement. By doing this, you can delay Social Security for as long as you can and get a much larger amount. If you have good home equity and decide to delay drawing your social benefits till you turn 70, then your social benefits rights increase significantly.
Reverse Mortgage Helps meet unexpected expenses
We all know that future is uncertain and this especially so when one is aging. There could be a sudden illness that requires an expensive treatment or necessity to help someone in your family meet a crucial financial commitment. The line of credit you get from a reverse mortgage turns out to be your savior during such occasions.
Retain Title of Your Home For Life & Leave Good legacy
You continue to hold title to the property as long as you live in your home. The mortgage has to be closed if you choose to sell your home or move out to a different abode.
Reverse Mortgage Income is Tax-Free
The Tax-Free reverse mortgage income can be used in any way you choose. Settle your mortgage commitments, help your near ones pursue their careers and chalk out travel plans you have postponed till now.
Fix up an appointment with ….., a reverse mortgage loan consultant, to plan a debt-free post-retirement life.
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