3 Reasons To Consider A Reverse Mortgage
First, you must understand what a Reverse Mortgage is. It is a loan backed by the equity of a home for homeowerns that are 62 and older. No monthly payments are required and the lender is only paid back when the owner dies or is no longer living in the home. Homeowners may obtain an initial lump sum and continue to draw out more later or receive a line of credit and draw as needed.
By leveraging the equity in your home, there are several reasons to consider a reverse mortgage. Homeowner’s can use this loan option to purchase a vacation home, invest, travel, or simply relieve themselves of monthy payments for peace of mind.
1-Peace Of Mind Most Popular Reason For A Reverse Mortgage
2- Obtaining A Reverse Mortgage Has Become A Solution to Retire Early
If your 62 and have a mortgage loan that requires you to pay a large monthly payment, getting a reverse mortgage will eliminate that immediately. Instead consider reinvesting that monthly payment into your retirement account. If you have saved properly this can allow you to retire several years earlier than expected. Speak with a reverse mortgage expert at Elite Financial and a financial advisor.
3-Travel by Securing A Reverse Mortgage
At 62, if you haven’t planned for retirement this more than likely isn’t an option. However, for some who have enough for basic retirement needs inplace a reverse mortgage can be the extra boost needed to see the world and tackle a bucket list.
How Much Can A Reverse Mortgage Offer Me?
If you are 62 or older and own a home, there may be several additional reasons why a reverse mortgage may be a benifit to you. You can get a quick idea of what a reverse mortgage can offer you with this reverse mortgage calculator. In addition, to truly understand what a reverse mortgage actually is, get in touch with a reverse mortgage expert.
Contact A Reverse Mortgage Expert At Elite Financial Today !