Reversing The Stigma of Reverse Mortgages
If you are a senior and own your home, struggling with monthly expenses or sitting on equity that you might want to leverage without selling, it’s time to take a fresh look at reverse mortgages. When used in the right way for the right reasons, they are life altering.
Here are some key reasons for accessing tax-free cash from the equity in your home.
PAY OFF MORTGAGE AND CONSUMER DEBT - if you have a mortgage and/or other debts and are living off of a RIF or LIF, a Reverse Mortgage could go a long way with stabilizing your financial position
SUPPLEMENT YOUR INCOME – if you are 55+ you can access a portion of your home’s equity and boost your monthly income tax-free. Similar to a Home Equity Line of Credit, you only pay interest on the funds you use payments are optional and you don’t need income to qualify
GREY DIVORCE: SPOUSAL BUYOUT AND HOME PURCHASES – sadly, more and more couples in their senior years are separating. You can used a reverse mortgage to access equity for a spousal buyout
LIVING INHERITANCE – if you have family members wanting to become homeowners, you can unlock equity from your home and gift it to your children or grandchildren to help with down payment, fund education, etc.
ESTATE PLANNING & PROBATE REDUCTION – if you are leaving your property to loved ones, you can reduce the amount of probate due from your estate if you’ve already unlocked equity with a reverse mortgage. This can save your loved ones tens of thousands of dollars in taxes!
BRIDGE LOANS WHEN MOVING – take your time when moving and selling your current property. You can access equity with a short-term open loan, buy your new property and pay the mortgage off it off when your original property is sold. Payments are optional, no income is necessary to qualify and you don’t have to have a firm sale in place like with a traditional bridge loan
REVERSE MORTGAGE FOR DOWNPAYMENT – did you know, you can supplement your down payment for the purchase of a new residence with a reverse mortgage?
Contact me anytime for a no-obligation consultation. My services are free and I’m local, experienced and always happy to help.