How Homeowners Benefit from Reverse Mortgages
Turn Your Home Equity Into Life Quality
A reverse mortgage converts a portion of a home’s equity into cash. Because that cash is from a loan, it’s tax free.* And instead of having to make monthly mortgage payments, the homeowner simply has to pay property costs that they already have to pay, such as insurance, taxes, and upkeep.
How Could I Access My Reverse Mortgage Funds?
How Can Things Change for People After a Reverse Mortgage?
A reverse mortgage can help people:
Dig Deeper Into the Benefits for Homeowners
It’s easy to see the benefits of increasing your cash flow. But there are a number of other reverse mortgage loan advantages you should consider. Here are just a few:
Buy the Home You Really Want
Many people would love to move in retirement but think they would have to start over with monthly mortgage payments or drain their nest egg. But not only can you buy a home with a reverse mortgage, it can boost your buying power by up to 200%. Instead of monthly payments, you’d just have to cover property charges like insurance, applicable association dues, and maintenance. Learn more here!
Protect Your Retirement Funds*
Many people use their reverse mortgage loan proceeds as a financial safety net for their overall retirement assets. A popular method is called a “coordinated withdrawal strategy”, where in market downturns the homeowner uses their loan proceeds to cover expenses, instead of selling retirement assets at a loss to fund withdrawals.
Delay Social Security Benefits*
The age of eligibility for most reverse mortgage loans and social security is 62. Many use their loan proceeds to delay taking social security benefits. After all, waiting until 67 or even 70 can dramatically increase the monthly payment for life.
Fund Retirement Strategies*
Your financial advisor or CPA may have excellent options to make your assets go further or to insulate you from the costs of long-term care (LTC), but those plans generally require funding. Instead of sitting on home equity, an experienced professional can help you put it to proactive use through a reverse mortgage.*
The Financial Freedom to Age in Place
As we age, the comfort and familiarity of home become even more important. At Retire Right Mortgage, we believe that you should be able to enjoy the golden years in the home you’ve built and cherished. With a reverse mortgage, you can convert a portion of your home’s equity into cash, giving you the financial freedom to maintain your lifestyle, cover essential costs, and stay where you belong—right at home.
*This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation. The homeowner is still responsible for paying property taxes, homeowner’s insurance, applicable association dues, and for maintaining the property.