Senior citizens often struggle through retirement without a steady source of income. Steady income is vital for keeping up with grocery, household, and medical bills. Many seniors are forced to choose between paying for food or medicine month after month.
One way retirees can ensure themselves a steady source of income is to take out a reverse mortgage on their home. Though the term “mortgage” implies a loan, reverse mortgages do not require home owners to make monthly payments to a bank. Instead the loan is made against the value of the borrower’s home using a portion of the home owner’s existing home equity. A reverse mortgage allows home owners aged 62 and over to convert a portion of their home equity, built over years of making mortgage payments, into available cash paid monthly to the borrower.
Seniors 62 years and older who own their home and have no mortgage may want to consider a reverse mortgage as a way to supplement their income. Seniors who have a mortgage on their home may be able to use a reverse mortgage to pay it off. In some cases a reverse mortgage can help seniors purchase more real estate, such as a second home or investment property.
Reverse mortgages are rapidly becoming a life saver for many seniors across the U.S. and has assisted thousands of retired people in sustaining the lifestyle they are accustomed to living without having to ask for money from anyone.
Other benefits of a reverse mortgage include:
- Monthly installments received from the reverse mortgage are tax-free.
- Seniors can stay in the luxury of your home all your life.
- You can easily pay off all your monthly bills without asking for help.
- Your monthly budget stays right on track.
- As the value of your home appreciates, so can the monthly installments.
If you’re curious about reverse mortgages, please call me at 843.574.3193 or visit www.reversemortgageadvisor.com.
