Moving when you’re entering retirement, or worse yet, when you’ve been in retirement for a few years, is the worst. I know because I’ve moved, we all have, and it’s always a hassle.
Where do I move? How fast can I sell my house? How fast can I get a new house? Can I afford it? What do I take and what do I leave?
If you want to age in place, however, then it’s time to consider a reverse mortgage loan.
It can help improve your home in order to age in place, pay for (un)expected costs or give you the peace of mind you want (and need) during retirement.
A study done last year, presented in Reverse Mortgage Daily, found that 90% of older Americans intend to age in place and 74% of them intend to modify their homes to in order to make it more hospitable in their old age.
A reverse mortgage can help you do just that.
I previously suggested various home improvements that can be done with a reverse mortgage loan. Older Americans who need money to make changes to their home layout or compatibility are able to do so with a reverse mortgage loan, especially when 14% of seniors stated they looked for a more compatible home layout. Make your home layout more efficient with your reverse mortgage loan.
In addition, 26% stated that they could not afford to move while 23% believed the current market would NOT allow them to move. With a reverse mortgage loan, however, you don’t have to move. In fact, you must live in your primary residence most of the year in order to qualify. It’s the home you’ve known for years, stay in it, modify it to your liking and benefit from it, instead of trying to sell.
Lastly, 18% stated they wanted to move to a different country or region and 13% stated that they cannot afford to live in their current home. A reverse mortgage loan is a possibility for seniors trying to get by in an economy where the cost of living continues to rise and many assisted living facilities are becoming more expensive. It can be the difference between affording to live in your current home and having to move by force.
There are risks involved with a reverse mortgage loan. 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.
In order to continue to live comfortably, consider PS Financial Services for your retirement. Give us a call at (888) 845-6630 to speak to one of our brokers because it’s the personal touch that matters, or email info@PSReverseMortgage.com.