Benefits of Reverse Mortgage
At New American Funding, we are committed to making sure you receive honest and accurate information so that you can make an educated decision. Everyone’s situation is different and there are many ways a reverse mortgage could benefit you if you are over 62. Here are some of the options on how you can use a reverse mortgage, or a home equity conversion mortgage.
Purchase a new Home. A reverse or HECM mortgage may be able to help you purchase a new primary residence without having to make a monthly mortgage payment. This could allow you to move closer to your friends and family or find a home that you can age in place in.
Pay for medical expenses. You may also find yourself with unexpected medical expenses. A reverse mortgage could be your cure for high medical bills could help pay for healthcare expenses and your prescription drugs. Manage your wealth. A reverse mortgage may be able to help you in estate planning by using a line of credit. It can be used as a financial retirement tool providing an early inheritance to assist with a grandchild’s education supplementing your income due to a loss of a spouse reducing the draws from your investment portfolio during a market downturn.
Now there are a few things to keep in mind when considering a reverse mortgage. The homeowner must pay taxes on the property, pay insurance on the property, pay HOA fees, maintain the property, be their primary residence. A reverse or HECM mortgage may not be for everyone, but it could help you in your unique financial situation. 38% of middle income seniors have had to make adjustments to compensate for financial shortfalls in retirement. Call us today and New American Funding can provide you with the options that best fit your needs.