Is a Reverse Mortgage Right for Me?
Are you interested in a reverse mortgage? Maybe you are interested or have just heard of a reverse mortgage, but don’t know if the loan is right for you. There is a plethora of information and misinformation swarming around reverse mortgages. It can be overwhelming trying to decipher what’s true and what’s not, leaving you scratching your head and asking, “is a reverse mortgage right for me?” It’s crucial that you know all your financial options, so you can live your golden years financially stress-free and leave your heirs in a financially stable position. Continue reading to see if a reverse mortgage loan is right for you.
Reverse Mortgage Basics
Reverse mortgages are for those 62 years and older (55 for certain programs) looking to have more control over their assets, investments, and cash flow so that they can be better prepared for retirement. A reverse mortgage loan allows homeowners to freely access their home’s equity while maintaining residence and property ownership. It is also a great option for families who are looking to create a Senior Care funding strategy. To learn more about the benefits of reverse mortgages, click here.
Reverse mortgages carry no rules or regulations for how you can spend your assets. There are numerous things you can do with your additional reverse mortgage funds. Some of your options include:
- Supplement your income
- Prepare for future needs
- Take a dream vacation
- Pay off an existing mortgage
- Build reserve funds
- Help with grandkids’ education
Things to Consider
Here are some things to consider before undergoing the reverse mortgage application process:
- - All Borrowers and potential co-borrowers are required to be at least 62 years old (55 in certain programs).
- - Reverse mortgages are non-recourse loans. The borrower/s will never owe more than what their home is worth.
- - Reverse mortgages typically take 4-8 weeks (about 2 months) to process.
- - Reverse mortgages do not impact any common government benefits the individual may be receiving. However, some specialty programs may be affected by the reverse mortgage depending on the state.
Interested in Applying?
The numerous advantages and options of reverse mortgages can greatly benefit aging homeowners. These types of loans enable homeowners to have free access to their home’s equity which can act as additional, restriction-free income. Additionally, Homeowners never lose ownership or residency to their beloved home. There are various reverse mortgage loan options available, so you can adjust the plan to best fit your financial needs. Before making your loan decision, it is best to consult with your trusted financial advisor to learn all your options.
If you have questions about reverse mortgages, we are here to help. Start the conversation by calling us at 818-865-0600 or by filling out our custom quote form today.