If you are apprehensive about your financial situation in retirement, you are not alone. Financial stability is a concern for many seniors. Social security benefits, savings, and retirement income may not provide enough money to cover living expenses as you age. However, the equity in your home may be able to help.
A reverse mortgage unlocks the equity in seniors’ homes, providing an extra source of funds in retirement. It is important that seniors who are considering this product are provided with reverse mortgage resources that will educate them before they move forward.
If you are looking for ways to access your home equity in retirement the list below1 can help you get started:
- Download NCOA’s informational booklet: Use Your Home to Stay at Home to help you learn the ins and outs of accessing your home equity with a reverse mortgage
- Make an appointment with a Department of Housing and Urban Development approved counselor to discuss your options and complete your federally required counseling session
- Shop around; get quotes from different lenders to be sure you are getting the best value out of your loan
- Look into government programs to learn if you are eligible for property tax relief or other public benefits programs for seniors
Don’t wait until you are in a financial bind to access your home equity. Find out if a reverse mortgage may help you be financially stable in retirement. To learn how much you may qualify for and get answers to your questions fill out the calculator above or call 1.800.976.6211.
Source:
1 National Council on Aging: Use your Home to Stay at Home: https://www.ncoa.org/economic-security/home-equity/housing-options/use-your-home-to-stay-at-home/