Senior homeowners are finding that a reverse mortgage can be a cost-effective way of addressing some of their biggest financial concerns.
For example, a reverse mortgage improves cash flow in retirement – free of income tax – allowing homeowners to pay off their existing mortgage by eliminating their monthly Principal & Interest payments.
Homeowners can also use a reverse mortgage to consolidate their debt… and further improve their cash flow.
A more creative use of a reverse mortgage, is to help create a “safety net” fund, should an unexpected expense or a medical emergency arise.
This fund can be used to pay for in-home care and to help a homeowner avoid being forced to go to a retirement or care facility.
A reverse mortgage can also be used to help a homeowner update or remodel their home to make it easier for them to “age in place”.
Some homeowners have even used a reverse mortgage to provide funding for education expenses or a new home as a living financial legacy for their kids or grandkids.
To find out more, call us today.
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