You may be one of the 10,000 people who turn 65 every day, and even if you aren’t, this is the time to plan for your upcoming retirement. After a lifetime of working hard and saving money, you deserve to enjoy your retirement years by doing the things you’ve always loved. Whether it be spending more time with the grandchildren, spending afternoons fishing on the lake, of perfecting your golf swing, this is the time of your life to experience the things that matter most to you. As you approach retirement, while it’s essential to think about how your time will be spent, it is just as crucial to consider how your retirement will be funded.
For many, the answer is a reverse mortgage, and here at HomeChex, we do everything we can to make sure your time is spent enjoying life instead of worrying about it. Before we help you decipher what type of reverse mortgage is right for you, let us walk you through exactly what a reverse mortgage is.
A reverse mortgage is a great way for you to turn an idle asset – your home – into a valuable financial tool that you can use today and in the future – without taking on new risks. For 2/3 of Americans, the majority of their wealth lies in their home. A reverse mortgage enables older homeowners (62 or older) to convert a large part of the equity in their homes into tax-free cash without having to sell the home, give up title, or take on a new monthly mortgage payment. What does this do? This provides homeowners substantially greater resources and flexibility to manage retirement finances and retirement planning.
You may be asking—why is it called a reverse mortgage? Our expert consultants at HomeChex have the answer. It’s called a reverse mortgage because the flow of payments is reversed from an ordinary mortgage. Cash is advanced to you to use as you see fit. Repayment is not required for as long as you live in your home – no matter how long that may be!
Feel secure in your retirement plan and call your reverse mortgage experts at HomeChex today for your consultation!