You’ve worked for much of your life. Now it’s time to focus on fulfilling your retirement goals; however, if you are on a fixed income and concerned about finances, a rewarding retirement can be tricky. If you would like to live retirement to the fullest, but financial worries are holding you back, a reverse mortgage might be something that you should consider. With a reverse mortgage loan, you could possibly eliminate your monthly mortgage payment and saving money may be a probability again.
What if you could free yourself from the stress of monthly mortgage payments?
Believe it or not, one of the benefits of a reverse mortgage is paying off your existing mortgage and making no monthly mortgage payments for as long as you live in the home.1 In addition, a reverse mortgage loan may help you enjoy your retirement by enabling you to:
- Lighten your financial burden
- Improve monthly cash flow
- Pay for necessary home repairs/renovations
- Create a safety net for unplanned expenses or emergencies, including medical bills
More reverse mortgage benefits
A reverse mortgage allows you to maintain ownership and title to your home. Keep in mind, there are interest and fees associated with this type of financing, but generally, the interest is lower or comparable to other products in the industry.
People feel good about their decision
Taking out a loan is a big decision, and it’s normal to question if you’re doing the right thing. According to a recent survey, “…borrowers report high satisfaction overall when it comes to using a reverse mortgage to foster independence and improve well-being.” In fact, “A wide majority (83%) of seniors who received Home Equity Conversion Mortgage (HECM) counseling and decided to follow through with a reverse mortgage said they were ‘satisfied’ or ‘very satisfied’ with their decision.”2
The survey was conducted by researchers from Ohio State University, and funded by the MacArthur Foundation and the Department of Housing and Urban Development (HUD). The goal of the study was to “…gain a better understanding of reverse mortgages and their impact on borrowers’ financial security, well-being and independence in old age.”2
You deserve to have an enjoyable retirement with peace of mind, and a reverse mortgage could help you access funds to meet your short-term financial goals and plan for a more secure retirement. If this sounds like an option you would like to consider, please use our Reverse Mortgage Calculator or call us for more information at 800.215.1415.
1 You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to Federal Housing Administration requirements. Failure to meet these requirements can trigger a loan default that results in foreclosure.
2 Study: Reverse Mortgage Borrowers Report High Satisfaction Levels, by Jason Oliva, 3/13/16, http://reversemortgagedaily.com/2016/03/13/study-reverse-mortgage-borrowers-report-high-satisfaction-levels/.
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).