Today, many of our retired seniors are struggling to make their money last from month to month as inflation has taken a big chunk out of their monthly income! And, many don’t have enough saved and rely solely on Social Security to get by. According to a Federal Reserve study, only 54% of Americans have a 401k or IRA account to help supplement their Social Security Income in retire. And, currently, the average Social Security benefit amount is only $1,907 a month (less than $23,000 a year). The current poverty line is just less than $18,000 annually.
As one senior in FL put it….”Life happens. And what I’ve learned is you can prepare for what you want, but you can’t prepare for what actually happens!” Or, as another senior once told me, “There is more month than money available….my money runs out before the month does!”
This is an unfortunate reality for many of our senior citizens today. But, the great news is that we have a possible solution for them!
A reverse mortgage can be great tool to help many of our senior’s improve their quality of life, financial situation or both! It’s just that many of them are not aware of this great financial tool or are scared of it because of all the negative misconceptions and misinformation that they hear about them. The reverse mortgage can help seniors eliminate debt, increase monthly cash flows, create a line of credit for emergencies, give them the additional cash they need and much, much more!!
Call Scott Underwood at Reverse Mortgage Alabama (205) 908-2993 or email scott@reversemortgagealabama.com.
In Birmingham we have a large coverage area. From Vestavia, Hoover, 280 corridor, Moody, and Leeds to name a few.
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