Inflation has increased the price of just about everything, including buying a new home. For senior homeowners living in a home that no longer fits their needs, this is a serious problem. They have the option of selling their home and receiving an inflated return, but finding a new home when inventory is so scarce – and expensive – can take months.
With a reverse mortgage, senior homeowners can replace their traditional monthly mortgage payments with a lump sum or monthly payout, a line of credit or some combination… and still retain ownership. They can use the cash flow from the reverse mortgage to plan for aging in place and avoid withdrawing from their investment portfolio. And even though the current increase in interest rates means homeowners can borrow a bit less of the equity in their home, it is still more cost-efficient than moving.
But a reverse mortgage isn’t right for everyone, so it’s important that you fully understand the process before making a decision.
To find out more, call us today.