As retirement approaches, many seniors look to reverse mortgages as an additional tool for making the most of their “golden years” and ensuring greater independence and peace of mind. So why are seniors considering reverse mortgages?

• Benefit from a proven, safe financial tool
  Many homeowners age 62 and older in Colorado and across the nation are enjoying the benefits of a reverse mortgage. It can be a key component of a well-balanced retirement plan, providing seniors with extra cash to live a more fulfilling and independent life. With built-in government safeguards, it’s a financial tool that can be used with confidence.
• Convert home equity into (tax-free) cash
  The basic premise of reverse mortgages is that you can take the equity you’ve built up in your home over the years and convert it into tax-free (consult with your financial advisor to verify) cash for your needs. How much money you’re eligible for depends on a number of factors, including your home’s value, your age, and the specific plan you choose. As a general rule of thumb, the older you are and the higher your home’s appraised value, the more money you may receive.
• Continue to live in and own your own home
  The reverse mortgage does not change your status as a homeowner. It’s still your home, and you can continue to live in it for as long as you want. The reverse mortgage unlocks home equity to provide funds for your life today and in the years to come.
• Use the money any way you want
  After it’s determined how much you are eligible to receive from a reverse home mortgage, it’s up to you how you use it. It’s your money to spend or save as you see fit. You can decide to receive it as cash, a line of credit, a monthly income, or a combination of the options.
• Plan for a secure retirement
  With rising healthcare costs, Medicare and Social Security concerns, and the pressures of living on a fixed income, you may want to consider looking into reverse mortgages. It can help you improve your current financial situation by paying off an existing mortgage or other debt, as well as help you plan for and cover monthly expenses during your retirement. Your reverse mortgage proceeds can give you greater peace of mind, knowing you have cash available for unplanned expenses, as well.

For more information on how a Colorado reverse mortgage might help you and reverse mortgage information on who is getting these loan, please feel free to contact me at 720.641.3482 or send me an email. I’ll be delighted to explain the details of reverse mortgages and how they may apply to your current situation.

Reverse mortgage consultant - Denver, CO

This entry was posted on Friday, February 1st, 2008 at 10:56 pm and is filed under Colorado Reverse Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.