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As a senior, it can be difficult at times to enjoy life to the fullest. Sometimes there are times when you need extra cash or a line of credit to access any time you choose. Would you like to buy a vacation home, support your grandchildren or send them to college, while you are still here to see their dreams come true, help your favorite charity or church, generate monthly cash flow Pay off your current home for free, help your parents with medical expenses, or go on that trip you’ve always dreamed of? Did you answer “Yes!” any of these? If so, a reverse mortgage may be a great option for you.
A reverse mortgage is a resource for seniors that allows homeowners age 62 and older to access the equity in their primary residence without making the required monthly mortgage payments. There are no restrictions on how you can use the loan proceeds, and the payments you receive are tax-free. In many cases the loan proceeds are used to pay off the existing loan, eliminating your monthly home payment. You must live in the home as your primary residence.
If you wish to obtain a credit line, one can be established which can be drawn upon at any time up to the maximum amount available. Depending on the loan schedule, the unused portion of available credit may accrue interest.
It’s that simple. Keep that money in your pocket and use it however you like, as opposed to making one big mortgage payment every month. Take the vacation you’ve been dreaming of or help out a family member. this is up to you. This is your retirement years, making a big mortgage payment shouldn’t be a priority. You’ve worked a lifetime, take a break and treat yourself and your family!
To find out whether you can benefit from equity release products, ask yourself a few simple questions:
1) Do I want to live in my home for as long as possible?
2) Is my mortgage fully paid off or nearly paid off?
3) Do I have enough equity in my home?
4) Can I and my family benefit from additional income every month?
If you answered yes to two or more of these questions, then it’s probably worth exploring the benefits of a reverse mortgage. This has benefited many seniors in your situation and a reverse mortgage can help you too.
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