MAINTAIN YOUR FINANCIAL SELF-RELIANCE AFTER RETIREMENT
Whether you’re a retiree or about to retire, a reverse mortgage can be an important part of your retirement funding strategy. It lets you tap into your home’s value to generate a regular post-retirement income to substitute your monthly salary. Thus, a reverse mortgage can alleviate all your post-retirement financial worries, giving you peace of mind and happy life during your sunset years.
MAINTAIN HOME OWNERSHIP
Continue to maintain ownership of your home, as long as you meet all your loan obligations, such as paying your property tax, insurance, and any home maintenance expenses.
MONTHLY INCOME SOURCE
Unlike a traditional mortgage, you receive funds every month as long as you live in your home. The loan is repaid when the last borrower leaves the property.
GREATER SECURITY
Even if your mortgage ends up summing to more than your home’s value, FDA-insured reverse mortgage will cover the difference. The loan is fully paid using only the proceeds your home sells for.
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
Mathew and Jessica are both 62 years old and preparing for their retirement. They currently have saved a small amount of money left on their current mortgage. They have to make monthly principal and interest payments.
Using the flexible repayment feature of a reverse mortgage, they can refinance their existing house to eliminate the monthly payment. As with any mortgage, the couple must meet their loan obligations, keeping current with house taxes, insurance premiums, any homeowners association fees, and maintenance costs. They choose to open a reverse mortgage line of credit with the remaining funds. In this way, they have an available source of funds that they can tap into later on.
THE RESULTS
- Mathew and Jessica have more money in their pocket every month.
- They can be more financially prepared for golden years of their life.
- They don’t need to tap into invested assets that are an income source.
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¹ Senior Housing Wealth Reaches Record $7.14 Trillion. NRMLA. Historical RMMI.