Reverse Mortgage Loans….”Why Should I Get One?”
One of the questions consumers ask me during our initial conversations is: “why should I get a reverse mortgage loan?”
I understand that they come from a place of misinformation where the reverse mortgage is a loan of last resort, only to be used if you want to pay off your mortgage (and have a little extra saved up) and should never be considered if you have a retirement plan in place.
Nothing could be further from the truth.
In addition, consumers who understand the program, may be confused as to why they would want a reverse mortgage if they have no mortgage in the first place.
Whether it be a line of credit that grows yearly or monthly payments for life, a reverse mortgage a viable, complementary retirement plan that can benefit a myriad of borrowers in any situation.
Last but not least, some borrowers don’t want to consider a reverse mortgage if they have already planned their retirement through Social Security, which is much more traditional (and respected) but is no longer the end all and be all of retirement planning
I’ve said it before and I’ll say it again, a reverse mortgage loan is a complementary retirement plan. The only reason it has not been considered until last year is because of misinformation and misuse of the program. A reverse mortgage has yet to join the ranks of go-to retirement plans but it’s getting there.
New research and expanding consumer education is making strives in ensuring the information is out there for new consumers and industry leaders who are willing to give the new, improved reverse mortgage loans a second look.
In the future, a reverse mortgage loan may be the go-to retirement plan. For now, however, it’s an advantageous alternative to traditional retirement planning.
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.