Tips On Using Reverse Mortgage Strategies
Creating Retirement Income, Now Instead of “Last Resort”
In retirement the focus shifts to create income perhaps from what one has acquired. Borrowers with upcoming mortgage adjustment rates need to review their finances, for options avoiding higher monthly expenses and at the same time focusing on the need to create income flow.
Many people retiring find it hard to qualify for straight financing as income has decreased and they don’t fall into the correct income ratio to borrow funds. It can take a great deal of research to find alternatives.
One option to consider is a reverse mortgage. While it may feel like upside down thinking. Thinking differently and being open-minded could lead to new resources not previously considered. Reverse mortgages are very different from a straight-up 30 year mortgage and it can take some time to understand all the aspects involved.
While reviewing the option of a Reverse Mortgage the future years are also reviewed which can be daunting for people. There are many facets to understand.
Reverse Mortgages have gone through recent changes and are not what most people assume. Most people have entirely the wrong information to share when asked about a reverse mortgage. When looking for the correct information, it’s best to speak with people who have an expertise in the field and are willing to look at your unique situation.
Take as much time as you need and dig deep to get questions answered and only move forward if you understand what you are entering into.
Here are some great resources for researching reverse mortgages and retirement planning.
- Retirement Planning
- California Reverse Mortgage Expert
Mary Jo Lafaye with Security 1
- Consumer Reports
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