The Tools for a Successful Retirement
According to a recently-published report by the Society of Actuaries (SOA), more individuals are being tasked with planning for their own retirement – mainly because programs like pensions are no longer being offered. Thus, the need to look for suitable alternatives has never been greater and a reverse mortgage is a key tool according to the SOA.
“Recent history has seen not only economic uncertainty and volatility but also an increased emphasis on individuals taking responsibility for securing their financial well-being in retirement,” SOA writes in its study. In addition to their study, SOA published its 2020 Retirement Risk Chart. A chart that began in 2003 and is designed to detail risks faced in retirement in plain, easily-understood language.
“Retired individuals with outstanding mortgages can effectively improve their monthly cash flow by replacing their conventional mortgage with a reverse mortgage, using the lump sum proceeds of the reverse mortgage to pay off the conventional mortgage,” the study reads.
KEY BENEFITS OF A REVERSE MORTGAGE
- A borrower’s original mortgage, if one exists, will be paid off in full.*
- Borrowers can establish a growing reverse mortgage line of credit to use when needed.
- Proceeds are tax-free and can be used any way you choose.
- You will always own your home, not the bank.
- It does not need to be paid back until the last person leaves the 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.
Silver Leaf Mortgage is based in Centennial, Colorado and is Colorado’s #1 reverse mortgage broker.
Article written 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