Consider Every Retirement Planning Option…Including a Reverse Mortgage Loan
A reverse mortgage loan, or home equity conversion mortgage, is a helpful alternative to many seniors, who may need the funds immediately, or are hoping to leverage the home equity they have acquired during their working years to favorably save up for retirement.
The fact of the matter is, the reverse mortgage loan continues to be thought of as a last resort, something to get only if the situation is dire enough. This is, not only a disservice to the program, but a disservice to future clients who may be looking into it as an alternative retirement planning option.
In fact, people may think of the reserve mortgage as a last resort, but no one ever thinks of buying a second home as a last resort or investing stocks as a last resort, they respect it as viable retirement options.
However, are these options sure fire ways to have enough funds to supplement a suitable retirement?
Stocks can go down, home values may go down (if the owner is successful in selling the home). While nay sayers may think the reverse mortgage loan is an inconsiderable option until the last minute, these other options may end up being last ditch efforts as well, even if they are more respected in the financial retirement planning community.
In addition, nay sayers may say “you sell your home for cash.” Not true, your home is still yours, you live in it and pay your insurance, taxes and maintenance like you would even without a reverse mortgage loan.
If you have a leaky roof, you repair it, right?
While looking for investment options, look no further than your own home. A reverse mortgage loan can pay off your mortgage, freeing up any other funds you receive from other payment plans.
Simply put, a reverse mortgage is a viable option in order to plan a healthy, fruitful retirement. Misconceptions run rampant around the program but borrowers, financial planners and relatives should take a closer at the program instead of simply dismissing it as a “loan of last resort.”
I did it for my grandparents, the benefit is there for the taking.
potential borrowers should their options, including a reverse mrotgage before deciding anything. It may not be for them, and that’s fine, but they have nothing to lose by considering it but everything to lose by dismissing it from the get go.
Be aware that while you cannot lose your home under normal circumstances, foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms.
If you want more information on the reverse mortgage program give PS Financial Services a call at (888) 845-6630 or via email at info@PSReverseMortgage.com. We do not pressure those who inquire. We are simply here to help.