When you think of working with a mortgage company to obtain the best loan for your home, you may think of homeowners in their working years, raising families and working hard to pay off their loans over the next 15 to 30 years. However, one of the benefits of owning a home is having the ability to tap into the equity you have built. For seniors, this can be a tremendous benefit and can act as supplemental income during retirement years. Reverse mortgages for seniors is a popular and sound way to take advantage of the value of their homes.
Perhaps the biggest draw for seniors to use this loan method is that they can use the equity in their home and take the money in many ways. If you prefer, you may take a lump sum, a monthly line of credit or even monthly income. If desired, you may even work out a combination of these methods. Your loan officer will help you do what makes the most sense for you.
Use in Retirement
Your very home can be the key to living out your retirement years in financial security and comfort. Knowing how to make ends meet after your working life has come to an end can be pretty stressful. However, reverse mortgages for seniors let you enjoy home equity and take the cash of what your home is worth minus what you currently owe on it. Chances are, you’ve paid off your home, so your take-home pay could be considerable. You can use the money for whatever needs you may have.
Get Rid of Existing Mortgage
If, by chance, you have an existing mortgage and don’t like the idea of having one at this stage in your life, reverse mortgages for seniors can help you get rid of this obligation. Does the reverse mortgage for seniors’ program interests you? If the answer is yes, you should contact Longbridge Financial for a free-of-cost no-obligation consultation.