Why Reverse Mortgages are a Great Option for People in Retirement
Reverse Mortgages are very safe and guaranteed by our government. A few years back, you may remember hearing Walter Brimley talking about reverse mortgages on television. He was a spokesperson for an insurance product that was being marketed as a reverse mortgage – that turned out to be predatory in nature.
Today’s Reverse Mortgage is actually a good idea for homeowners who are retired or nearing retirement and here’s why:
1. You can’t lose your home as long as you pay your taxes and insurance.
2. The interest rates you pay are very similar to current mort
gage rates.
3. You can make payments if you want to – but you don’t have to.
4. You have access to the equity in your home you have spent a lifetime paying into.
5. There is no recourse: the bank can never take more than the value of your home.
6. Even if the loan goes upside down, you’re not responsible for the difference.
7. Most importantly: it frees up cash flow for retirement.
I’m right down the street in downtown Clarkston. Stop in or give me a call and we can figure out if a Reverse Mortgage is something that is right for you or someone close to you who is retired or retiring.
Erik