CONSOLIDATE DEBT AND FREE UP INCOME SOURCES
If you have substantial equity in your home, a reverse mortgage can both eliminate your current mortgage payment and also pay off other debts such as a car loan or credit card balance. Reverse mortgages enable homeowners 62+ to tap into their home equity to receive a fixed monthly payment or get a line of credit. Using this monthly fund, you can pay off debts, make home improvements, and manage other large expenses.
Secure Your Future
Did you know that senior housing wealth reaches record $7.14 Trillon? 1
Learn how you can use a reverse mortgage for a better retirement.
HOW IT WORKS
Adrian and Paula are 65 years old. They borrowed a mortgage, balances on their credit cards, and also have a car loan. Each month they have to pay a huge amount of money to pay for all these.
By having a reverse mortgage, the couple can consolidate all their debt into a single loan that significantly reduces their monthly payments. As with a traditional mortgage, they have to fulfill all their loan obligations, stay current with property taxes, home insurance premiums, maintenance expenses, and any homeowners association fees.
- Adrian and Paula can save more money in their pocket every month.
- They are more financially independent in the future.
- They don’t need to withdraw from their savings and invested assets, which is an income source for them.
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¹ Senior Housing Wealth Reaches Record $7.14 Trillion. NRMLA. Historical RMMI.