Live Your Best Retirement
By Jim Doyle ~
If you have paid off your home and have no mortgage, you have done well and should feel proud of your accomplishment. It took faithfulness and sacrifice to achieve that mile marker. Your home is likely your greatest asset, and yet the money that is in the home, your equity, is tied up with no way to access it without a payment except by selling. Then the question becomes, “Where will we live?”
Many people are in the situation where they are “house-rich, and cash-poor.” They have paid off the house, but are not enjoying retirement due to the constraints of a fixed income. The wealth stored in your home is available for you just as the wealth in your IRA or 401(K) is available to you in retirement. It is YOUR money. Why not put it to work for you?
A Home Equity Conversion Mortgage converts some of your equity into a usable asset – either as a lump sum, a growing line of credit, a monthly income stream, or a combination of the three. The line of credit will grow at about 5% a year creating a nice nest-egg for the future.
The amount of equity you can draw is established by the age of the youngest borrower, the value of the property and the interest rate. Substantial equity always remains in the home. This is your equity. No one owns the home but you, and you will the property to your heirs who never inherit any debt.
The house you paid into for so long becomes an asset that pays you back for the rest of your life. Call your local Reverse Mortgage Specialist for the specifics of how this will benefit you. You owe it to yourself and your family to know your options so that you can live your best retirement.
Jim Doyle is the VP of Lending and a Reverse Mortgage Specialist at Silver Leaf Mortgage in Centennial, CO. Direct: 303-875-5994 JimDoyle@SilverLeafMortgages.com | NMLS# 1394377
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