Reverse Mortgage to the Rescue – 25 Ways to Use Your Home Equity
“Self-sufficiency, the greatest gift you can give your family”
During our working years, most of us spend our earnings supporting our home. When we retire, it seems only fitting that our home help support us. Home equity is our most valuable asset. It may also be our most versatile asset.
The money you have put into your home is yours. It is available to you in the form of a loan while you are still living in the home, while you still own the house. Some people have said that home equity that is not utilized is “dead money.” Why not give it a life? If you need it, why not use it?
“The purpose of a reverse mortgage is to protect you from those unexpected events that will ruin your retirement, not ruin your day”
- Pay off your existing mortgage – is number one on the list because more seniors use The New Reverse Mortgage to get rid of that mortgage and mortgage payments. You’ll still be responsible for paying your property taxes, homeowner’s insurance and property maintenance.
- Buy long term care insurance – If long term care is needed having long term care insurance will help defray the costs.
- Delay taking Social Security – Your Social Security will grow at 8% per year between the qualifying age of 62 and the required withdrawal age of 70.5. Read More
- Salary Replacement – Prevent an income shortfall from becoming your retirement’s downfall
- Work interruption – The job market can be very uncertain for retiree’s. Create a personal retirement paycheck. Read More
- Buy a New Home – You can right size your retirement home rather than settle for down sizing. Read More
- Home Modification – Convert a room to a living facility for a relative or caregiver
- Make your home “age friendly” – When your home doesn’t love you anymore. Read More
- Between jobs – When unemployment isn’t enough. See Retirement Paycheck
- Assist your millenial kids or grandkids become homeowners – Use your home equity rather than investment accounts
- Helping your kids – Provide an “advance” on their inheritance to help in emergency situations
- Grandchildren’s college – Whether a gift or a loan, it’s better than the lifetime burden of student loans.
- Health insurance – Retiring early and bridge the gap until Medicare kicks in
- The other Medicare Insurance – The costs of Medicare Parts B and D are predicted to rise dramatically.
- Long-Term Care – Long term care costs are skyrocketing Read More
- Age in Place – Stay in your home and be able to afford it
- Avoid retirement landmines – Because everyone needs a Plan B. Read More
- Cover your assets – Use tax free proceeds and avoid the tax consequences and dreaded The Tax Torpedo
- Pay off credit card debit – Using tax free proceeds from your equity to pay off credit card debt sooner.
- Supplement SSI – Write your own personal retirement paycheck to get you through each month. Read More
- Cover your property taxes and insurance – Create a set aside and stop worrying about those payments.
- Technology to enable you to live at home alone – Pay for a stair lift chair or home health monitoring system
- Standby reserve – When the market drops (and you know it will) you won’t have to sell depressed assets. Read More
- Retirement planning – because the best laid plans don’t always work out the way we wish. Read More
- Peace of Mind – By taking care of yourself now, you and all those who are close to you can breathe a sigh of relief and live long and unencumbered lives.
The New Reverse Mortgage isn’t for everyone…but it could be!
If you’re still wondering if a Reverse Mortgage is the right solution for you but you’re not ready to sit down with one of our Reverse Mortgage Experts, then we’ll be happy to mail (or email) you Use Your Home to Stay at Home which is the official federally approved consumer booklet for those considering a reverse mortgage.