Why should you consider The New Reverse Mortgage?
During our working years, most of us spent our earnings supporting our home. When we retire, it seems only fitting that our home help support us.
Things were much simpler in our parent’s generation. The uncertainties of today’s world require thoughtful planning.
A key to good planning for aging is a realistic assessment of the financial resources available to us and how to best use them.
Is it reasonable to ignore your largest asset when developing a retirement plan?
Home equity that is not utilized is “dead money.”
The money you have put into your home is yours and if you need it shouldn’t you consider using it?
It is available to you in the form of a loan while you are still living in the home and unlike traditional home loans repayment is only required when you leave your home (you are still responsible for the payment of property taxes, homeowner’s insurance and maintenance).
Related: Unlock your trapped equity
Successful aging requires planning
For much of our younger lives, we plan. We plan our careers, we plan to purchase a home, we plan our vacations, we plan to send our children to college.
As planners, we need to be honest with ourselves about the necessities and possible surprises of getting older
We need to ask ourselves:
- Do we have the right home?
- Will it accommodate the physical changes we go through as we age?
- Do we have the right health coverage?
- Are we prepared for health emergencies?
- How long are we going to be able to drive?
- Do we have alternative means of transportation?
- Are we going to be able to continue the activities we love most, sharing time with family and friends, viewing sports and entertainment, staying physically active?
Are we prepared financially to support all of these areas?
Is it reasonable to ignore a government-insured solution?
In an earlier time, when there were more defined benefits retirement plans that provided you with a steady pension, when income growth was more pronounced, people may have had the luxury of letting some of their financial resources sit still.
But that’s not the world we are living in today. As the last 30 years have demonstrated retirement can be a bumpy ride and using all the assets at your disposal can help smooth out most of those bumps.
The New Reverse Mortgage isn’t for everyone…but it could be!
If you’re still wondering if The New 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.
Some of this information first appeared in the National Reverse Mortgage Lenders Magazine (Nov/Dec 2015)