Is a Reverse Mortgage Right For You?
As a senior, it can be difficult at times to enjoy life to its
fullest. Sometimes there are just times when you need extra cash
or a line of credit to access anytime you choose. Would you like
to purchase a vacation home, assist or send your grandchildren
to college while you are still here to see their dreams come
true, help your favorite charity or church, pay off your current
home to free up monthly cash flow, help your parents with
medical expenses, or take that trip you have always dreamt of?
Did you answer "Yes!" to any of these? If so, a reverse mortgage
may be a great option for you. Reverse Mortgages are a resource
for seniors that allow homeowners 62 and older to access the
equity in their primary residence without having to make
required monthly mortgage payments. There are no restrictions on
how you can use the loan proceeds and the payments you receive
are tax-free. In many cases the loan proceeds are used to pay
off an existing loan, which eliminates your monthly house
payment. You must live in the home as your primary residence. If
you're looking to get a line of credit, one can be established
that can be drawn on at any time up to the maximum amount
available. The unused portion of available credit may earn
interest, depending upon the loan program. It's that simple. As
opposed to a large mortgage payment each month, pocket that
money and use it any way you want. Take that vacation you have
been dreaming of or help out a family member. It's up to you.
It's your retirement years, making a large mortgage payment
should not be a priority. You have worked all your life, take a
break and treat yourself and your family! To find out if you
might benefit from Equity Release products, ask yourself a few
simple questions: 1)Do I want to live in my home for as long as
possible? 2)Is my mortgage fully paid or almost paid? 3)Do I
have a substantial amount of equity in my home? 4)Could my
family and I benefit from extra income each month? If you
answered yes to two or more of these questions, it's probably
worth exploring the benefits of a reverse mortgage. It has
benefited many seniors in your situation and a reverse mortgage
can help you too.