Benefits of a Reverse Mortgage
A reverse mortgage has so many benefits. Due to their many benefits, a lot of seniors are reasonably skeptical of these mortgages. Are they “too good to be true”? Reverse Mortgages have some costs as well, they are not solely benefits.
What is the primary benefit?
A senior can get a reverse mortgage to tap into their equity and pull tax free cash out. Many seniors who are looking to capitalize on the growing equity in their home think that they have to sell their home in order to get access to this equity.
This equity, however, is easier to get to than that. A reverse mortgage is a prudent way to more quickly access this equity all while getting to stay in and keep your home
Another Primary Benefit of a Reverse Mortgage: Line of Credit
Another great reason many seniors decide to get a reverse is getting access to a line of credit. A lot of seniors have worked hard and created a very good retirement strategy. This often includes buckets of money that seniors can pull from at need. As a result, seniors have access to this money on top of the fixed income they receive from Social Security or pension.
A major savings account people have is a simple savings that they invest. A line of credit gives seniors access to an extra bucket of money to pull from. This is especially beneficial to a senior who has a depleted stock market account that they do not want to pull from yet. As a result, now they are able to pull from the line of credit, which is always growing. To learn more about the line of credit option, click here.
To learn more, watch this short video and contact us today