If you’re a homeowner over the age of 62 and finding your limited income to be a little uncomfortable, a reverse mortgage may be a good financial option for you to consider. With 31,274 loans received just in the 2019 fiscal year, the reverse mortgage industry is alive and well. Here are some of the incredible benefits of a reverse mortgage!
Stay In Your Home
First and foremost, a reverse mortgage can make it possible for you to stay in the comfort of your own home for longer than you might otherwise be able to. By paying off debts and having the extra income to cover your property tax fees each year, the payout can open many doors. It also allows you to make the needed upgrades to your home so that you can age comfortably and keep everything in your home accessible, not to mention providing the income to pay for in-home care if that’s something you may need over time.
Invest In Your Family
Another perk of a reverse mortgage: you can take your payout and invest in your family. Whether it be taking away some of the burdens from higher education costs, or even covering medical expenses, the payout from your reverse mortgage can have valuable benefits beyond just staying in your home…and can help your spouse, child, or grandchild at the same time!
Taking care of your home and your family is all well and good, but don’t forget to do a little something for yourself, too! One of the advantages of a reverse mortgage payout is being able to use the funds for your own interests, too! Use a portion of your payout to increase the quality of your life; fund hobbies like gardening or visiting local museums, or even use some of the funds to travel and see new places or visit family you haven’t seen for a while due to financial strain.
Reverse mortgages can do more for you than just taking care of the bills you know you have to pay. Your payout can also provide financial security for those expenses that you don’t expect to arise. Life happens fast, and we can’t always predict the future. Have money in savings for that rainy day, and you won’t have to worry about what to do should the need arise.
Local Agents You Can Trust
One of the best parts of a reverse mortgage is getting to work with local representatives who are invested in your personal success. At Idaho Reverse Mortgages, we care about YOU. We can answer all of your questions are here to support you through every step of the process. Contact us for more information about qualifying for a reverse mortgage.