The Benefits of a Reverse Mortgage During Retirement
Despite the amount of proposed changes that may affect your ability to apply for a reverse mortgages in the future, all hope is not lost, especially for seniors hoping to avoid impoverishment during retirement.
The number of seniors that could potentially benefit from a reverse mortgage continues to grow, in part, because of the many options available for senior homeowners who decide a reverse mortgage is the RIGHT decision for them.
In an article by The Mortgage Professor, citing a recent study by The Center for Retirement Research at Boston College, the amount of households that will be unable to maintain their current living standards during retirement account for more than half of all American households.
Additionally, financial planning for retirement has become less of a concern for the average American, despite the fact that most seniors are living longer than any prior generation of retirees.
Enter the Reverse Mortgage Program, or Home Equity Conversion Mortgage, which presents an attractive solution for retirees looking for an escape from financial burden during retirement or those who simply want to have money saved away in case of an unexpected expense.
While the Reverse Mortgage Program is only available for homeowners 62 years of age and older, who live in their primary residence with enough equity in their home, the potential rewards are immense for those who qualify.
The Mortgage Professor presents three different scenarios for each type of option under the Reverse Mortgage Program umbrella, which include:
- a lump sum to pay off your mortgage when you retire
- tenure payments each month to supply a previous steady income
- a line of credit for the unexpected future expense.
All three present viable options for many different situations, providing insight into the benefits of applying for a reverse mortgage. No retiree has the same payments, income or financial assets but the reverse mortgage program is ADAPTABLE to any situation.
At PS Financial Services, a reverse mortgage company in Florida, it is our goal to make sure your reverse mortgage adapts to you and not the other way around. We specialize in offering the best possible option for our clients, regardless of their situation.
We are better than the bank, helping retirees adapt to retirement in the most comfortable manner. If a reverse mortgage is the right for you, contact us here or give us a call at (888) 845-6630. We do not pressure those who inquire, we simply believe in the benefits a reverse mortgage can offer seniors during retirement.