Improving Senior Life with a Reverse Mortgage
Senior homeowners who would not endanger their goals might improve their lives by taking a HECM reverse mortgage. Such considerations include the following:
- Your income suddenly drops during retirement while still paying on a mortgage. For example the death of a spouse who terminates a pension. A reverse mortgage line of credit could provide some income protection.
- Retiring before 65 but want to wait until there 65 before going on Social Security. Your Social Security payment is larger when deferred until age 65. Cash drawn under a HECM reverse mortgage may allow them to pay off the old mortgage, eliminating the required monthly payment.
- If you’re living on Social Security or small pensions and need to supplement incomes indefinitely, a reverse mortgage could provide a specified amount.
- If your living on a nest egg or planning to do so where there is a possibility that the money could run out. A reverse mortgage credit line could grow until the money is needed.
- Planning to sell your home in 3 to 7 years but need a supplemental income during this time. Drawing from a monthly HECM reverse mortgage payment would assist your income.