When & How to Use a Reverse Mortgage – Common Situations
Reverse Mortgage & HECM are versatile mortgage loan options that can be used many ways, and often times, is a better option to access your home equity rather than deplete savings or dip into retirement accounts that will incur heavy tax and require taking out more money than you would by using a reverse mortgage. It’s best to consult a financial advisor for your specific financial situations and assure that you are making the right decisions for your retirement finances.
Below are the top situations we find homeowners are utilizing a reverse mortgage for their needs:
Help with Finances Generally and Retirement Finance Planning
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- Paying off Existing Debt
- Paying for Burdensome Healthcare Costs
- Tax Free Cash-Flow, Used as Necessary
- Supplementing Your Retirement Income
- Diversifying Your Retirement Income
- Delaying Social Security Benefits
- Reducing Financial Pressures and Improving Monthly Cashflow
- Preserving Retirement Savings
- Getting Rid of Monthly Mortgage Payments
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Purchasing a New Home, Upsizing or Downsizing, or Relocating Without Depleting Retirement Savings and Avoiding Expensive Tax on Dipping into 401K
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- Downsizing Your Home Needs
- Upsizing or Purchasing Your Dream Home
- Buying a New Home without Depleting Assets or Retirement Accounts
- Combining Households
- Moving to a Different Climate or for a Different Lifestyle
- Transitioning to a Retirement Friendly Home
- Relocating Closer to Family
- Home Improvement or Maintenance on Your Current Home
- Helping Family or Heirs Financially
- Traveling or Enjoying Life!
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