Older Americans as they retire will be looking for ways to finance their retirement years.
Simply counting on their 401K, or their IRA's will not do. So, they will look to Social Security, and whatever the employer pension may give them on a monthly basis, but that still will not be enough to supplement their lifestyles. So, maybe they will tap into their savings accounts, and emergency money they have set aside for over 40 years. But, will that still be enough? The solution is sitting right under their feet. I mean their homes.
By using a Reverse Mortgage, they can tap into the equity they have built up over the years, and along with all the other avenues they have available can now have a decent outlook towards retirement. Seniors deserve to be comfortable in their senior years, and the use of the Reverse Mortgage will allow them to live life to their fullest in retirement.
The Reverse Mortgage Credit Line is earning 4.45% today?
What is this, you ask? Well, many Seniors have decided to earn on the equity sitting in their homes. So, they have looked at the use of a Reverse Mortgage as a tool to earn them this 4.45% growth rate.
When a Senior has equity in their homes, and they chose to take out this equity in the form of a credit line, where they are not taking the money up front or in a monthly tenure, this money does NOT accrue interest, but actually increases the amount of the credit line by the interest rate on the loan. This is where the 4.45% comes in.
So a person having $100,000 in equity in their home, and takes out the credit line, after one year they have $104,450 available to them on that credit line. After two years, they have $109,098 (if interest rates don't change), and after 5 years its grown to $124,320, (again, if interest rates have not changed).
Where else can you get this kind of credit line growth today?
I know you are going to call me on this!!!!!!!
The Benefits of as Reverse Mortgage
No Monthly Payments: No repayment of the loan until the customer sells the home, moves out of the home, or passes away.
Security: For both husband and wife, the security of knowing when one passes, no one can take the house away from the remaining spouse. The remaining spouse can live in the home until he/she passes, or moves away too. As long as the taxes and insurance are paid yearly.
Tax free money. Does not affect Social Security income or Medicare benefits. The money received from the equity of the home is not considered income.
Borrowers retain ownership of the property. Property can be refinanced, or sold at any time by the borrowers. Reverse Mortgage money can be used for any purpose the customer wishes.