Experience a Better Retirement

Experience a Better Retirement
by Jim Doyle

“I was strapped for cash to pay for medications, and the city told me I had to clean up and landscape the front yard, or else! Without my reverse mortgage, I would have lost my home. I could not have paid for my medications; I would have had to go to a nursing home. I am so glad I can stay put in the home I love.”
~ S.H., Aurora

A reverse mortgage can be a safeguard against the unexpected with the money that it makes available to the homeowner.

Receive a Lump Sum at Closing
Proceeds of a reverse mortgage are tax-free income that may be used for any purpose. Some seniors are helped significantly by having their mortgage payment eliminated, and then having a lump sum with which to pay off debt. Of course, they are still responsible for taxes and insurance. Some do improvements to their homes, and enjoy those upgrades after years of waiting.

Grow Retirement with a Growing Line of Credit
A line of credit, which grows at about 5% a year, may be established using a reverse mortgage. At any time, the line of credit may be accessed for incidental cash, in-home care, converted to monthly payments similar to an annuity, or for any other use.

Let Investments Grow and Delay Social Security Benefits
When a reverse mortgage is established early in retirement, it may be drawn upon to allow the retiree’s portfolio more time to grow. Delaying the use of social security benefits will increase the monthly payments drawn later in life.

“Using a reverse mortgage to delay taking social security is a very powerful tool. So, if you can use reverse mortgage proceeds to delay taking social security benefits as long as possible, that provides you with greater monthly income.”
~ Barbara Howard, Professor, Gerontology

Protection from Investment Downturns
A reverse mortgage is established, and only drawn upon if the retirement portfolio underperforms. You can use your reverse mortgage to supplement income, allowing your investment portfolio time to recover.

“The most important time to have cash available to you is when you need it,” said the late Senator Fred Thompson. “And more people are using a reverse mortgage line of credit for just that—a line of credit that makes cash available for life’s unexpected turns, or just additional security that grows until you choose to use it.”

Contact your Reverse Mortgage Specialist to learn more about providing for your future.

This article first appeared in My Primetime News, August 1, 2017.

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