Reverse Mortgages have a stigma that has been hard to shake, yet they can be a great financial tool to consider homeowners considering different retirement options. Many new regulations in place have made reverse mortgages easier to obtain by limiting fees and including information classes as part of the closing process.
Secure Your Retirement
A reverse mortgage can provide you the financial freedom you need to enjoy your retirement. Retirement used to last around 10 years, but now people are enjoying retirement for up to 30 years. This could mean that outliving retirements funds is a real risk, and your home is a great source of equity that can calm your financial woes.
While reverse mortgages have faced stigma in the past, there are many new regulations in place that make reverse mortgages manageable. Always make sure you are using a FHA approved lender when starting the reverse mortgage process.
You will need to complete a financial course before completing the loan to ensure you understand the conditions of the reverse mortgage. Once completed, you can choose to receive your reverse mortgage through multiple payout options that you can discuss with your lender.
Enjoy Your Legacy
Contrary to common misconceptions, you will still own your home while you receive the reverse mortgage. Once you decide to leave the home as your primary residence, you will need to pay back the loan. Your non-borrowing spouse or partner can even continue to live in the home.
In addition, you can still leave the property to heirs if you pass away, however the loan must be repaid. Heirs are not penalized if the home sells for less than what is owed since it is backed by the FHA.
Reverse mortgages are a great way to secure your retirement and enjoy the legacy you have built in your home. To start the reverse mortgage process, click here to fill out a form and work with lenders for your options.