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3 Ways Retired Homeowners Can Benefit From Their Home's Value Using a Reverse Mortgage

Last Updated: Jun 06, 2022 | 3 min read
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Inflation is rising in ways not seen in 40 years, driving up the price of gas, groceries, and other essentials.

Are you sure you still have enough saved for retirement?

If you’re over 62 and own your home, a reverse mortgage gives you access to cash now without having to sell your property. An interest rate will determine the cost of borrowing against the value of your home. With interest rates expected to continue rising this year, now may be the best time to lock in a decent rate.

Here are 3 smart ways to benefit from a reverse mortgage:

1. Supplement income

With an additional monthly income, you can increase your retirement dollars.

Let’s say your fixed income cannot cover all your expenses. A reverse mortgage can provide you with extra funds to get your retirement income to a comfortable level without sacrificing your lifestyle.

Smart retirees are leveraging their home’s equity with a reverse mortgage. Money recommends Finance of America. They’ve extended over $65 billion in loans to date, offer a wide variety of mortgage products, and require no origination fees on reverse mortgages.

The company asks you to fill out a short form that requests some personal details (name, email, phone, address) and some information about your home (current mortgage and home value). Don’t worry, you can estimate both of these.

After completion, a licensed representative will contact you later today for a no-pressure call. Simply click here to get started.

2. Pay off debt

If you have enough home equity, a reverse mortgage can help you take care of outstanding debt.

This is particularly useful for large, high-interest balances you’re not able to pay off in the short term. By eliminating these debts, you may relieve some pressure from your financial obligations.

Furthermore, you can settle up any unpaid medical bills to avoid a direct impact on your credit.

3. Remodel your home

As you’re nearing retirement, you may want to make some adjustments to your home to better fit your new lifestyle.

So, whether you want to renovate some areas of your home or simply make some slight improvements, a reverse mortgage can afford you the opportunity to make it happen now.

Remember: interest rates have already begun to increase, so act now and lock in a lower rate for a better retirement.

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Is a Reverse Mortgage Right For You?
With Finance of America (NMLS #1071), you can get the most out of your Reverse Mortgage loan. Click below and start planning your future today.
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