Senior Citizen's Guide digital books
Senior Citizen's Guide to North Jersey

Reverse Mortgages and Financial Freedom For Senior

For those seniors who own their homes, a reverse mortgage could be the perfect solution to their financial needs later in life. In essence, a reverse mortgage is exactly what it sounds like, a mortgage where the lender actually pays you. A reverse mortgage gives you access to your home’s equity, supplying an extra financial stream for you to use as you see fit. Unlike some other types of home loans, reverse mortgages do not have restrictions on what they can be used for. “Having worked with this program on behalf of seniors for the better part of two decades, I have seen firsthand the benefits and quality of life improvements reverse mortgage can bring. This program has helped countless seniors in many different financial situations and continues to be a viable option worthy of consideration,” stated Len Ricci is Vice President of the Reverse Mortgage Division for Real Estate Mortgage Network.

How you access the money that comes from a reverse mortgage is up to your discretion as well. You can decide to take it in one lump sum, as a line of credit to pull from whenever you need it, through regular monthly withdrawals or in a combination of ways. Another benefit of a reverse mortgage is that you do not give up the title to your home and cannot be forced to vacate the property as long as you continue to pay your home’s property taxes and insurance, two items a reverse mortgage can be used to pay for as well. In addition, a reverse mortgage will not affect your Social Security benefits.

Reverse mortgages aren’t for everyone though. First, you need to be at least 62 years old to qualify. Also, the property you’re considering a putting a reverse mortgage on has to be your primary residence, it cannot be a vacation home, rental property, etc. While you don’t have to own your home outright, you will need to have a relatively low mortgage balance that can be paid off eventually by the money you receive from the reverse mortgage, if necessary. You should also make sure to consult a tax advisor to check on how a reverse mortgage may affect other benefits you are currently receiving.

If you find yourself needing a cash infusion, either short term or long, why not consider a reverse mortgage? It could be your ticket to financial freedom in your senior years.

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