Is a Reverse Mortgage Right for You?
“When I looked into a reverse mortgage, I didn’t know what my kids might think! Turns out they encouraged me! They wanted me to be able to enjoy my retirement without worrying about bills every month. I am so glad that I did it! A reverse mortgage was just right for me.” ~RJ
With a reverse mortgage where at least one spouse is 62 or over, you can pay off your current mortgage and have no mortgage payment for the rest of your life as long as the home remains your primary residence. Of course, you continue to be responsible for property taxes and insurance. You always own the home and the lender is never on title with you. The lender isn’t repaid until the last borrower or non-borrowing spouse leaves the home.
If you choose, you may receive a lump sum at closing. You may also have a growing line of credit from which to draw as needed, providing the ability to access the equity to be used for any purpose, to use in an emergency, or just to fund longevity in your retirement. Or, you may want to have a monthly infusion of tax-free proceeds to supplement your income.
Reverse mortgages are becoming more critical in retirement planning because they allow you to maintain your home and lifestyle. Leveraging your housing wealth makes sense in a solid financial plan. Look for a reverse mortgage company that will help you prepare your home for the appraisal. Getting the best possible appraisal is critical to maximizing the benefits of a reverse mortgage.
It pays to know your options. Many changes have been made to the reverse mortgage making it safe for borrowers and their spouses. A younger spouse cannot be forced to leave the home even after the older spouse passes away. Call your Reverse Mortgage Specialist to inquire. You will be glad to know the truth about the NEW reverse mortgage!
Jim Doyle
Jim Doyle, NMLS #335659, is Vice President of Lending and Reverse Mortgage Specialist at Silver Leaf Mortgage in Centennial, CO. Contact me at (720) 458-4034, or email at: JimDoyle@SilverLeafMortgages.com.
