It's the loan that pays you.

If you are a homeowner 62 years and older, you may receive a loan backed by the equity in YOUR HOME.

 

Here are Larry's TOP 5 Reasons to get a reverse mortgage right now:

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1

Second Home

The equity from a reverse mortgage can allow you the opportunity to buy a second home for personal use or a rental property that produces a monthly income that you can add to your retirement savings.

 

When you use cash from the proceeds of the reverse mortgage to pay for the second home, you don't have to worry about mortgage payments any longer, and if you want, you can draw income from it when you're not there. That property will even appreciate and give you more benefit from it in the future. 

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It doesn't even have to be a second home or a condo. Some may choose to spend it on a boat or whatever else their retirement dream is. Simply, a reverse mortgage is a vehicle to help you realize your dreams if you haven't properly planned for it. 

 

2

Retire Early

When we turn 62 and have a several thousand dollar a month mortgage payment, we can opt for a reverse mortgage and take that mortgage payment we've been making, put it into a retirement account, and take the proceeds from the reverse mortgage to pay the bills. That allows the 401(k) and other investments to keep growing for several years. By leveraging the equity in your home and keeping the retirement savings in place, you're earning more money.

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3

New Career

The biggest challenge to starting a new business is coming up with that initial capital because in the beginning, the need for cash is greater than the cash flow. By using the reverse mortgage as a business loan to yourself, you don't have to pay that loan back, so your cost of capital is lower than the competition down the street, a huge advantage.

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4

Travel

Travel of any kind isn't an option for people who haven't planned for retirement. Taking care of daily expenses and needs is whats most important. But for some older Americans who have enough money stashed away for their retirement needs, they may choose a reverse mortgage to travel to places they've never been, or address other wants on their bucket list. The equity in your home isn't earning a return and it's a perfect place to tap for beautiful memories.

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5

Peace of Mind

Peace of mind is one universal pursuit most of us strive to achieve every day - the ability to not have to worry and have contingencies in place. The reverse mortgage is a line of credit that grows over time and you can leverage it when other unexpected financial hardships occur.

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