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.
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.
HOW IT WORKS
Brett Stumm Reverse Mortgage Difference
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