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August 14, 2015
Making the most of retirement…
Let’s face it, many of us are HOUSE RICH but CASH POOR. We have spent the majority of our adult lives paying down the balance on our mortgage, building what we didn’t plan to be our largest nest egg, our HOME EQUITY. So why is it that we spend our lives trying to pay off our largest asset? So we can finally be debt free? To feel a sense of accomplishment before we die? To have something to leave to our children? Realistically, for as long as we have a mortgage we don’t truly own our home. We owe the bank for a portion of that house. But what if the bank told you that you could stop making that mortgage payment and stay in your home until you passed away? The catch? Interest would continue to accrue against the equity of your home. Would that sound appealing? It should and I will tell you why…You can’t take it with you.
Many of us are on a tight budget. We can’t afford to travel. Can’t afford to replace our aging vehicle that constantly needs repairs so we prefer not to drive much. We can’t afford to replace that old dusty carpet in our home and put in some beautiful flooring, or invest in some landscaping in the back yard so we can enjoy our own private oasis. We aren’t able to enjoy a fancy meal at that trendy restaurant or do something we might truly enjoy because it doesn’t fit in our fixed budget. We have bills to pay so we can live modestly, but comfortable. Wouldn’t it be nice to squeeze out some extra joy in this lifetime? We spent almost our whole lives working. Isn’t it time we took some time to ENJOY RETIREMENT???
There is NO SHAME in exploring OPTIONS, and Reverse Mortgages are more popular than ever!
If you are researching a Reverse Mortgage today, chances are you resemble one of these three types of consumers:
You have a NEED for additional cash flow.
You WANT to be able to afford more in your retirement.
You feel safer PLANNING ahead and having a safety blanket.
If you are like many, NEEDING additional CASH FLOW, you may be looking into a Reverse Mortgage to help you accomplish one or several things. Possibly one of those goals is to finally stop working. Many of us are quasi-retired, meaning we are of retirement age but because of financial burdens we cannot stop working because we need that extra income!
Maybe it’s because there’s unwanted high interest debt in your current financial situation. Many seniors considering a Reverse Mortgage think that the interest rate is too expensive. If you are like many of us holding revolving balances, it’s important to realize that credit card interest can be 3-5 times that of a Reverse Mortgage! According to Bankrate’s Credit Card Balance Calculator, a $5,000 credit card debt, at 18.9% interest would take almost 12 years to pay that balance off making the minimum payment!
If you are considering a Reverse Mortgage for now or the future, it’s important to realize that these loans should not be considered a last resort. Wonder why you should consider a Reverse Mortgage NOW versus LATER?
Read enough? Let one of our experts evaluate your personal situation and show you how a Reverse Mortgage can improve your life!
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