The New Reverse Mortgage can ease the retirement squeeze
The retirement squeeze is one of the cruel ironies of life. Many of us finally hit our earnings peak and it’s time to start thinking about retirement and the challenges of living on a fixed income.
Even Pre-Retirees are feeling the retirement squeeze
According to a recent study by Bankers Life Center for a Secure Retirement, 60% of non retired middle-income Boomers are spending as much or more than their household income and 38% of retired middle-income Boomers have had to make adjustments to compensate for a financial shortfall in retirement.
When we were working, we could put in some overtime or sell a few more widgets to make up for those shortfalls. The solution isn’t so simple in retirement on a fixed income.
Worried about the retirement squeeze? You’re not alone
If you’re concerned about your retirement, you’re not alone. There are 69% of Boomers who don’t think they will have enough money to live comfortably to age 85 and nearly 88% of middle-income Boomers express at least one concern about their retirement.
The number one retirement squeeze
It’s consumer debt. Of all Boomers surveyed, 81% currently have some debt and 28% say that they devote more than 40% of their monthly income to debt. Furthermore, one-quarter of Boomers with a middle income level have a mortgage with more than 20 years left on it. Managing that kind of debt load in retirement will definitely cause some sleepless nights
And now comes the best part,
You can “ease the retirement squeeze”
Retiring and be financially prepared for retirement are two different animals. But It’s not too late to set yourself up for a secure retirement. Though, half of non-retired middle-income Boomers say they plan to enter their retirement debt free, only 23% of those in retirement already are actually debt free.
The New Reverse Mortgage can “ease the retirement squeeze”.
The New Reverse Mortgage has been improved to offer retirees a a number of options to give them peace of mind. By relieving the constant pressure brought on by trying to manage the increasing costs of just about everything on a fixed income you’ll sleep better.
You can create your own retirement paycheck using the term and/or tenure payment option.
The Retiree’s Equity Line of Credit (RELOC) gives you the flexibility to pay off existing debt and still have funds available in case one of those unexpected events pops up. After all everyone needs a Plan B
You can also mix and match your options, to best fit your retirement goals. Your home’s equity is likely your most valuable asset and also the most versatile and a Reverse Mortgage is more than just a loan program it’s a financial lifeline.
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.