The financial uncertainty of this year has impacted many…and seniors and retirees on a fixed monthly income have not been immune to these struggles. The demand for reverse mortgages has surged in the last few months, but why? Read on to learn more about how a reverse mortgage can help you find financial stability in these uncertain times!
2020 Has Proven Unpredictable
If there’s one thing that we have all learned about 2020, it’s that we truly cannot accurately predict what will happen next. Globally, people have faced many challenges; locally, Idahoans have seen their own share. From high unemployment rates and an unstable economy to personal battles, it seems that everyone has been impacted by the events of the last several months.
Financial Security As You Age Is Critical
Along with the global unpredictability, there are more unknowns that can arise as you age. With the potential for increased medical needs and budgeting based on a limited monthly income, many seniors already feel the impact of tightening their purse strings. Rising tax costs and an unaltered budget can cause even more financial strain. For those who qualify, a reverse mortgage can supplement your regular monthly income and provide peace of mind in case of unexpected expenses.
Lower Federal Interest Rates = Potential For Lower Reverse Mortgage Rates
At the end of the day, a reverse mortgage is a very specific kind of home loan. That means that when federal interest rates drop as they have in recent months, there is also the potential for a lower interest rate for your reverse mortgage! Mortgage interest rates in the United States are lower than they have been in the past 50 years, so it’s always good to know what opportunities are available to you.
Reverse Mortgages Can Benefit You Beyond Immediate Financial Support
Yes, the obvious main advantage of receiving a reverse mortgage is the line of financial support. But there are also many other benefits of reverse mortgages. Aging in place becomes a more feasible option, you’re able to do some traveling in your retirement that maybe you wouldn’t have been able to do before, and you can even help family members with education costs!
Questions? Ask The Pros!
The team at Idaho Reverse Mortgages is here to help you. If you have any questions about reverse mortgages or are wondering if you qualify, contact us today!