Live Your Dream Retirement with a Reverse Mortgage

Photo by Jessica Bryant from Pexels
*Please note that we are not financial advisors and are only giving an opinion.

There are so many exciting things to do after retirement. Even more impressive is the fact that you no longer have to worry about clocking in at work every day, stuck to your monotonous routine, and having to deal with nerve-racking tasks, including replying to tons of emails and phone calls. Retirement is a time when you get to live the “American Dream.” However, this dream is nothing but a nightmare for some would-be retirees because of one factor – money. If you don’t have multiple income streams, then you may become worried at this point. Let me tell you that all hope is not lost. You can still accomplish your goals using this powerful financial option – a reverse mortgage. You may come across this term for the first time and wonder what it means. This guide is here to answer your questions.

A Reverse Mortgage – What Makes it Special?

You may be acquainted with the traditional loans and say to yourself, “why don’t I just go for them?” sounds like a brilliant idea. No, it’s not. Do you know why? One day you’ll wake up to find out that you are two months behind your monthly repayment of $2,500 and risk losing your home. Yes, that’s what the standard home loans do to you. They provide financial support but at a great price. You have to pay back within a stipulated timeframe. Of course, you can afford that while you have a job. But what happens when you no longer receive those paychecks? How do you cope?

For this reason, a standard home loan is not the right call. So, this is where the option of a reverse mortgage comes into play. This financial option puts money into your pocket without you worrying about paying it back. In other words, your lender pays you for your home. Hence, a reverse loan takes the financial burden and pressure off your shoulders. You have more leverage to accomplish your short- and long-term goals. 

Reverse Mortgages and Their Types

There are two main types of reverse mortgages – the private, single-purpose reverse mortgage, and the Home Equity Conversion Mortgages (HECMs). But that’s not all to reverse loans, as there is also the HECM for Purchase.

Private lenders offer private reverse mortgages to low- and mid-income retirees/homeowners using a reverse mortgage calculator. An example of a reverse mortgage private lender is Wells Fargo. With their loan, you can cater to various projects, including home remodeling. HECMs are government-insured by government agencies, like the U.S. Department of Housing and Urban Development. These mortgages come with rules and regulations.

·       You cannot take a mortgage that exceeds your home equity.

·      If the lender no longer operates, you will still receive your reverse mortgage funds.

·    You can include co-borrowers, who, in turn, will be beneficiaries of the mortgage protection.

How about the HECM for Purchase? This mortgage provides you the avenue to purchase a new home using the proceeds from your reverse mortgage.

Is it Available to Everyone?

A reverse mortgage is only for those who are 62 years or older and have their homes as their primary and permanent residences. That is why it is called a retirement loan. Lenders, both private and government agencies, provide reverse mortgage funds to homeowners using a reverse mortgage calculator. This estimation tool considers the borrower’s youngest age, current home value, interest rates, and existing mortgage. Once you qualify, your funds will be readily available for claim.

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