Retirement Planning: Using Your Mortgage
After years of hard work, many of us look forward to retirement as a time to enjoy life's rewards. A key part of retirement planning is choosing where you'll live. Your mortgage can be a helpful tool in achieving your retirement goals.
Plan Ahead for Your Dream Retirement
Starting your retirement planning early increases the chances of finding your perfect retirement spot and securing a home with all your desired amenities. Buying your retirement home before you're ready to retire allows you to take advantage of lower prices and potentially pay off the home before your golden years. Waiting too long might push your dream home out of your budget.
Leverage a Reverse Mortgage
If you're 62 or older, a Reverse Mortgage could help refinance or purchase your retirement home. As a refinance, it converts a portion of your home's equity into cash without adding monthly expenses. When buying a home, a Reverse Mortgage eliminates monthly mortgage payments, but you'll need to cover taxes, insurance, HOA fees if applicable, and maintain the home.
Explore Retirement Mortgage Options
There are various mortgages tailored for retirement, each with unique benefits. Collaborating with a mortgage specialist can help you identify the best financing option for your retirement home, ensuring a comfortable and secure future.