Retire Without Mortgage Payment
More and more seniors are going into retirement with a mortgage payment and a smaller income. Good Article 78% of seniors own their home outright
We have seen a huge surge in clients calling with the hope that there is a way to eliminate their monthly payment after retirement.
Homeowners realize that their biggest expense is their house payment. They are excited to learn that a Reverse Mortgage can eliminate that payment if there is enough equity in the home.
The Reverse Mortgage or its original name (HECM) home equity conversion mortgage is a great equity-based retirement solution.
Some seniors do not have quite enough equity but have money in savings to make up the difference. If the Reverse Mortgage is enough to almost eliminate the current mortgage and payment; but it is $10,000 short, with an estimated mortgage payment of $1,000, after 10 months of no mortgage payment, saving is back on track while being able to live in the home for the remainder of life. Savings starts to grow instead of being depleted.
We have had many referrals from financial planners that recommend the Reverse Mortgage as a strategy to make money last until the end. People are living longer. Running out of money is a truly scary thought. The savings will need to stretch as far as possible.
We are excited that we can help seniors be more financially comfortable while aging in their home. It is a blessing to be able to enjoy life with less stress.
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