If you’re 62 or older, here are some things you need to know about reverse mortgages
A reverse mortgage is one of the most misunderstood assets available to people 62 and older. Often, people get tangled and lost in the weeds, but the simple facts about reverse mortgages aren’t that hard to comprehend. To get the best reverse mortgage outcomes, however, one needs to be armed with knowledge.
PS Mortgage Lending understands this deeply, which is why we’ve distilled a few key basics and boiled them down into easily digestible points for consideration.
1. Reverse Mortgages use your assets to supplement retirement savings and Social Security
One of the most overlooked aspects of a reverse mortgage is that is accessing what is already yours and turning it into cash that you can use when you need it. Your home has value – make it work for you and your future.
2. Reverse mortgages can eliminate regular mortgage payments
Eligible homeowners typically use reverse mortgages to settle their existing mortgage debt or home equity line of credit. This takes money that’s already yours and uses it to neutralize what is typically your biggest monthly expense.
3. Emergencies happen – reverse mortgages can help
Unexpected medical emergencies happen, especially in the Golden Years. They don’t have to be compounded by financial stress. Reverse mortgages are great ways to pay off any type of unforeseen economic expense.
And they could pay for a few vacations…
4. Unused money from reverse mortgages can grow
Some people borrow as much as they can from a reverse mortgage, use what they need, and stick the rest in a savings account.
Imagine the interest you can reap from putting $50 K in the bank? Do the math.
5. Your house will not go into foreclosure if you have the proper reverse mortgage counseling
A common misconception about reverse mortgages is that you can be kicked out of your home for whatever reason.
This is false.
The only way you can lose your home is if you fail to meet the terms of your loan. That’s why it’s so important to receive adequate counseling from a HECM counselor approved by HUD in Florida. Financial planning must be taken into consideration, with long term planning and budgeting, to account for these expenses.
There’s nothing to worry about if you work with someone who knows what they’re doing
There are more mortgages available to the public than one can even imagine, that’s why finding someone with experience in reverse mortgages matters. Phil Stevenson knows that your home and what you put into it is a culmination of years’ worth of hard work filled with memories. He’s even been featured in Forbes Magazine discussing his expertise.
Your home’s value is significant financially and priceless emotionally. Getting a HECM requires advising from someone who knows what they’re doing – and can trust – in order to plan for the future appropriately.
Are you or a loved one considering a reverse mortgage?
Reach out to Phil Stevenson and the Expert Mortgage Team at PS Mortgage Lending
to see how you can benefit!
We think outside the box, to help those who don’t fit in the box…
Speak to one of our experts today.