You probably know how hard it can be to live on a fixed income — especially if you’re retired.
If you are over 62 and own your home, however, you’re in luck.
Being eligible for a reverse mortgage allows you to cash out your home’s equity. The catch is that your home needs to be your primary residence.
Here are 3 smart moves to make using the equity of your home once you begin receiving payments from your reverse mortgage lender in 2022:
1. 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.
To make this happen, smart retirees are leveraging their home’s equity with a reverse mortgage from AAG. With a 97% customer satisfaction rating, AAG can send you a free information kit and you will know in about 2 minutes if a reverse mortgage is right for you, just click here.
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. 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 sufficient funds to get your retirement income to a comfortable level without sacrificing your lifestyle.