A Reverse Mortgage and Reverse Mortgage Line of Credit can be used as a financial tool. Kim Dodge explains how freeing up a monthly mortgage payment can add quality of life during retirement. Kim is a licensed Mortgage Consultant for Usher Financial Group.
“One of the greatest challenges facing retirees today is generating enough income for everyday living expenses.” Says Kim.
Did you know that 41% of Americans age 55 to 64 haveno retirement savings. A home may be the most effective way to fund retirement.
A Reverse Mortgage and Reverse Mortgage Line of Credit are types of home equity loans. These loans are available for homeowners who are age 62 or older. No repayment is required until the borrower dies or moves out of their home. At that time, the principal and interest are repaid, just like any home loan, usually by selling the house. Most Reverse Mortgages are insured by the Federal Housing Administration(FHA).
If you are 62 or older you can get a Reverse Mortgage or a Reverse Mortgage Line of Credit to help you manage your money and assets. Use a Reverse Mortgage Line of Credit to:
– Pay health care expenses
– Provide additional retirement income
– Have it for a safety net.
– Consolidate debts and free up equity
– Pass on inheritance, while your loved ones can enjoy it and YOU can be a part of it.
Learn how a Reverse Mortgage or Reverse Mortgage Line of Credit can help you to live comfortably and have peace of mind in your retirement years!