Planning for retirement can be a daunting task, long-term care, investments or annuities, lack of retirement income. These all lead to unnecessary frustration. A reverse mortgage could settle some of that headache. Since most seniors will have need to reduce their current spending while retired, a reverse mortgage may provide the added cushion most people feel they need even before retiring. Social Security, IRA’s, 401k’s, and other methods of retirement income usually provide enough for living expenses and recreational activities, but do not leave much room to improve your financial future. A Reverse Mortgage is an increasingly popular solution to access a large amount of tax-free funds to safely allocate for higher interest investments and securities.
Reverse Mortgages are federally regulated and guaranteed financial vehicles that allow someone age 62 or older, to pull out equity locked in most senior’s largest asset: their home. A Reverse Mortgage will provide a percentage of the home’s appraised value, up to 60%, in a variety of different payout methods, but the borrower is not required to make a single payment as long as they continue to...
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