“Yesterday is History; Today is a Gift; Tomorrow is a Mystery”
No matter how well we plan, we are always worried about tomorrow. Tomorrow here means retirement. While some of us have started taking steps by saving some money to make our retired lives comfortable, the others are still trying to make ends meet. For all those who haven’t had a chance to save up for their tomorrows, there is always an alternative: A Reverse Mortgage!
A reverse mortgage is a loan that homeowners can obtain once they are 62 years of age or older. It is money given to you on the basis of your home equity. You don’t have to worry about repaying this loan as long as you are living in the house you own.
You can decide how you want to receive your mortgage – either as a lump sum or as a monthly payment. You could even draw money as and when you need by establishing a line of credit. If you do not have a retirement plan, a reverse mortgage can help you live in your home, maintain your life-style and still make money from your home.
Many people go for reverse mortgages after they complete 62 years of age. The reason behind going for one differs from person to person. While someone wants to use the money to go on an exotic vacation, another person may need the money to buy his bread. Here are a couple of things for which you can use the money that you gain through a reverse mortgage:
Buying a Second Home
If you are quite comfortably living your retired life, you can still go for a reverse mortgage to purchase a second home. You can either vacation in it or rent it out to bring in some amount of income that can add up to your retirement savings. This way you need not worry about paying those monthly mortgage payments for the second home that you buy. As it adds up in value it will become an excellent asset in future.
If you haven’t made enough money to get adequate income during your retirement or if you are still paying up your mortgage at the age of 62, it is always better to opt for a mortgage. This way you can stop working and eliminate that mortgage payment. You can also invest your money and make it grow over the years.
Starting a New Career
It is never too late to start a new career. If there is something that you have been trying to do and have not been able to achieve it due to financial constraints, reverse mortgage can help you gain that chance. There are many Americans who have started their own businesses with the money they receive through mortgages. You can do it too! You can take the money and convert it into an asset that brings you a steady source of income as long as you are alive. You can even think of selling it at a later date.
Traveling to exotic places
If you have enough money to take care of your day to day expenses and requirements, you could use the money that you get from a mortgage for traveling. You can go to all those exotic places you have never been to, live in some of the most luxurious hotels and tick off the things on your bucket list. These will give you the memories that you can talk about when you meet your friends, children or grandchildren.
For peace of mind
You may have enough money to meet your daily needs during your retirement. However, you may still worry about contingencies. With mortgage you can achieve absolute Peace of mind. Your line of credit will be there whenever you want it. You will be able to meet any unexpected expenses. You can even go buy yourself a new car if your car gets damaged. In case you have to go into an assisted living facility, you need not worry about someone paying up for you. The best thing is you needn’t even pay it back unless you move out of your house or sell it.
How do you find reverse mortgage lenders? You needn’t worry about finding them; they will find you!
Many mortgage lenders buy reverse mortgage leads and reverse mortgage live leads from marketing companies to contact prospects who may be interested in obtaining reverse mortgage. You could just be one of these prospects! All you need to do is say “Yes, I am interested” when they call you and they will take it up from there.