Don’t Let Mortgage Payments Burn Through Retirement Savings
The total debt burden for Seniors has skyrocketed over the past 2 decades according to data from the Federal Reserve Bank of New York published in February, 2020.
– Seniors in their 60s saw debt, which includes mortgages and auto loans, increase by 471% to $2.14 trillion.
– Seniors over 70 saw an increase of 543% from 1999 through 2019, to $1.1 trillion.
Thankfully, there is a solution available to senior homeowners to ensure you can live more comfortably in retirement. A reverse mortgage allows you to live in your home forever, and never make a monthly mortgage payment. In addition, a reverse mortgage can even provide you with tax-free money to use for anything you choose.
The requirements for a reverse mortgage are straightforward: you must be 62 or older, have 40–60% equity in your primary residence, and continue to pay property taxes and homeowners insurance. Most seniors qualify for the program with just their social security income, and bruised credit is usually not a problem.
A reverse mortgage is a government-insured, non-recourse loan, which means that you can never be “under water” on your house, and you always retain the title to your home.
For those planning to stay in their home, working through a qualified Reverse Mortgage Specialist such as Silver Leaf Mortgage is key. If you are ready to get the facts for yourself, call me or my team today at 720-458-4053.
Article by Jim Doyle, VP of Lending and Reverse Mortgage Specialist, NMLS #335659 at Silver Leaf Mortgage, NMLS #1394377 located in Centennial, CO. PH: 720-458-4053 or EM: JimDoyle@SilverLeafMortgages.com. Silver Leaf Mortgage is based in Centennial, Colorado and is Colorado’s #1 reverse mortgage broker.