Many people who are 62+ and own a home are choosing a Reverse Mortgage and Chris Brundige with FirstBank Reverse Mortgage gave us 4 reasons why they are making this decision.
- More money in your pocket
When you turn 62 and have a monthly mortgage payment, a Reverse Mortgage in Memphis, could refinance the current loan you have into a loan that doesn’t require that you make a monthly payment. “A lot of people use the reverse mortgage loan to eliminate their existing monthly mortgage loan payment.” Says Chris Brundige. Once you have eliminated the burden of your monthly mortgage bill, you are free to use that money however you see fit, for your peace of mind. Some people take the extra money and put into a retirement account or to pay the bills. Chris went on to say,” Retirement is a cash flow game so by leveraging the reverse mortgage and eliminating your monthly mortgage payment your money will go farther. You could even start saving again and grow your retirement accounts.”
- You could Downsize or Rightsize into a house that is better suited to your needs.
Most people are not aware that you can actually use a Reverse Mortgage to buy a house. If you are looking to downsize or to move closer to family or to sunnier weather a reverse mortgage for purchase is a great tool to use. Basically you put half of the purchase price down and get a new house with no mortgage payments for as long as you live in it. This is great if the area you are moving to has more expensive houses or if you would like to add more money to your retirement accounts instead of sinking it all into another house just to not have a payment.
- Meet health care needs
Life throws you curve balls occasionally and when health care needs arise in retirement a lot of people are not prepared. Having a Reverse Mortgage in place can help with the copays deductibles or medical costs from a surgery or procedure that Medicare does not cover completely. It can also be used to fund home health care should your or a spouses condition require that. Let’s face it, no one really wants to go to a nursing home if they can avoid it. A reverse mortgage can allow you to stay at home and get the care you need and you can use the money you invested in your house to fund it.
Worrying that you will run out of money before you die is the #1 concern that retirees have. Setting up a Reverse Mortgage Line of Credit line early is a great strategy for addressing this concern. The reverse mortgage line of credit grows over time giving you extra purchasing power and is always available to you when you need it. No one wants to feel the stress of having to make financial decision in a crisis. The line of credit will be there for you and your family, should you have any needs arise. Chris Brundige of FirstBank says, “it is a great tool for this very need and purpose”.
There are tons of misconceptions out there about the HECM loan and most people simply do not understand how it works. Chris Brundige is dedicated to helping people 62 years and older understand how this tool can help them live a better retirement.
If you are ready to have a discussion with Chris and find out how you too may be able to keep your home, but not pay another monthly mortgage payment as long as you live in your home, please call 901-472-1301 or visit http://reversemortgagelenderintn.com/ to use our free reverse mortgage calculator.