"In Lieu of a Retirement Plan…Get a Reverse Mortgage"
One of the big misconceptions about a reverse mortgage is that it should be used in lieu of a retirement plan or if a previous plan fell through because of one reason or another.
This is not true.
This is one of the reasons why the reverse mortgage program earned a reputation for being a "loan of last resort" or only use in case of emergencies.
The reverse mortgage is a loan, which means you have to pay it back, but only if you pass away, are unable to live in your primary residence for a period longer than 12 consecutive months or do not keep up with your financial obligations.
At a time when most seniors are hoping to age in place, maybe with the help of a part time job, it's important to consider that a reverse mortgage may also be a valuable sound investment for the future...even if...you have a retirement plan already in place.
What if you stocks aren't selling for as high as they should? What if your investments are paying as much as they should? What if you claimed Social Security too early? What if you are laid off or part time isn't paying as much?
The fact of the matter is, even the most sound investments can fall on hard times, but a reverse mortgage cannot. Consider a home equity line of credit: you have to make monthly payments plus interest and it's a loan that can be frozen at any time. A reverse mortgage line of credit option, however, cannot be frozen under any circumstances as long as there are funds in the account.
While any financial decisions should be thought out, researched and analyzed before taking the plunge, it's important to know that the reverse mortgage can, and is, a complement to many existing retirement plans.
This what makes the reverse mortgage stand out among other programs. It's flexible enough to adjust to many situations but sturdy enough to fully fund retirement or keep in reverse for the proverbial "rainy day."
The reverse mortgage program is no longer what it used to be. It's become safer for consumers and FHA. Hopefully, that reputation catches on as well.
Interested in a reverse mortgage or simply want more information? Give PS Financial Services a call at (888) 845-6630 or via email at info@PSReverseMortgage.com. We don't pressure those who inquire. We are simply here to help.
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