Sold on Staying Put!

Sold on Staying Put!
by Jim Doyle

Independence is of great importance to many seniors. Maintaining a lifestyle that allows for some flexibility in the Golden Years and not just making due is also important. Seniors want to age in place in the home that they love, but sometimes wonder how to do that as the cost of living increases, property taxes go up, and there may even be a mortgage payment draining the bank account every month.

A reverse mortgage is the answer in many cases as seniors who may not have enough in retirement savings to last into their 80s and 90s look to maximize their housing wealth and put it to work for them. Having paid into your home for many years, a reverse mortgage allows the home to pay you! Whether it is with a lump sum, a growing line of credit, a monthly income stream, or a combination of these, a reverse mortgage allows you to remain in your home. The income is not taxable like other retirement accounts.

You always own your home and can will it to your heirs who do not inherit any debt. Using a reverse mortgage to fund retirement, do home repairs, pay off debt, free up money in the budget each month and live more comfortably just makes sense.

Far from the “loan of last resort,” a reverse mortgage is a smart way to diversify your retirement portfolio, plan for the future, and find financial security in retirement.

Call your local Reverse Mortgage Specialist for the specifics of how this will benefit you. You owe it to yourself and your family to know your options so that you can enjoy your Golden Years while staying put in the home you love.

This article first appeared in My Primetime News, September 29, 2018.

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