Most likely your home represents the biggest component of your wealth unfortunately that wealth/equity is hard to access without adding more debt or monthly payments. Enter the world of the reverse mortgage, a program specifically designed for seniors over the age of 62 who own a substantial part of their home outright and wish to release a part of this equity without further increasing their cash out flow, but instead create an income stream or have access to the funds. There are more than 850,000 seniors who have taken out a reverse mortgage for many reasons including:
-Paying down their existing mortgage loan to reduce the monthly payments or eliminate it.
-Paying for grankids college/university education or helping with expenses.
-Paying off medical bills.
-Reducing or paying off high interest credit cards.
These are all perfect use case examples for the reverse mortgage whereby the equity is being used towards reducing the homeowners monthly obligations, creating a safety net, and or helping out the family. We advise all seniors to first and foremost get their finances in check and utilize the HECM reverse loan to improve their finances for retirement this is what the program was intended for.
More and more seniors are coming to us looking to release the equity for the fun things in life. This includes buying toys such as cars/boats/rv’s, going traveling abroad, and or just enjoying more of their existing money now while they are alive and healthy.
The views below are not of RMLD. This is a guest written article.
From the States of California, Washington and Oregon all the way to the Mid West States of Oklahoma, Kansas and Ohio and even throughout New York, New Jersey down to Maryland, and especially Washington DC and all the way down through North and South Carolina, Georgia and Florida. The reverse mortgage program is getting more popular with seniors.
In California a state the offers so many fun and popular activities like dinning, boating, camping, hand gliding and featuring a State wide terrain ideal for motor sports like all terrain vehicles, many California seniors with almost paid off homes are using the reverse mortgage program for the purpose to buy a jet ski, boat or all terrain vehicles like quads and electric start dirt bikes to relive their youth on their own terms with out having to liquidate investments that are performing well or using their cash in the bank. Some Seniors are using some of their reverse mortgage money to buy luxury cars at a discount to sell as a profit.
Extra cash or monthly payments from a reverse mortgage, will allow you to dine out more often and at better restaurants and participate in many activities like going to the ball game or show without the worry of depleting investment accounts or other savings accounts that are doing very well.
Your children will inherit plenty from the liquidation of your belongings and investment accounts. Should your home value increase over time this added appreciation will also belong to your heirs offsetting the reverse mortgage costs/loan potentially.
This is the time to make the best of the rest of your life.
In Louisiana, seniors that qualify for the reverse mortgage program are using the reverse mortgage program to buy newer boats and trucks to enjoy outdoor life more.
In New York New Jersey and Washington DC, Seniors are using the reverse mortgage program to travel more and enjoy lengthier trips to Florida.
Florida Seniors Don’t have to fly to catch the cruise ships out of west Palm Beach, Fort Lauderdale and Miami.
The most popular cruise destination in the Bahamas is the Atlantis Resort and spa Casino.
The Atlantis resort, located in Nassau’s Paradise Island is a multi hundred million dollar resort with spectacular attractions like a gigantic fish tank that you can walk through, a gigantic shark tank that you can take a big slide through, and a beautiful private beach area featuring some of the most scenic views and most beautiful sand in the world.
Senior home owners who use some of their reverse mortgage cash to buy motor homes are now able to travel more to see and experience the most beautiful sights this country has to offer like “Yellow Stone National Park”, the Grand Canyon as well as “Utah” and the beautiful sights along “The Pacific Coast Highway”, Even the Napa Valley.
For those of you senior home owners that have your homes paid off, you deserve to live your life to the fullest. You don’t have a mortgage now because you were disciplined with your spending all your life.
For those senior home owners who have homes valued at $625,000 or more that are paid off or nearly paid off, the financial options are even greater. You can help your children start a business, get a whole life policy to further protect your estate from taxes for your children, you can buy an annuity that pays more dividends while guaranteeing the invested capital. You can even use some of the cash to help you children buy a home or pay down their home mortgage. RMLD has a private reverse mortgage alternative you should also consider and compare to the HECM reverse loan. This alternative can give you access to the homes equity and there are no payments to be made.
When you think about it, there are many more advantages that disadvantages when it comes to what a reverse home mortgage can do for your family. You are able to be responsible and still have enough liquidity to have fun in your retirement by creating new memories with your loved ones.
Reverse Mortgage Lenders Direct is committed to you best interest.
If you decide to take advantage of the reverse mortgage program, simply fill in the contact information above and we will assist you in choosing the best program for you with the lowest interest rate margin and closing fee’s
Reverse Mortgage Lenders Direct is here to help.