Helping older homeowners enjoy their retirement
A reverse mortgage can be an effective financial tool to supplement retirement funds. Here are some of the ways this loan can offer you the financial resources you need to age on your own terms:
Continue to grow their investment portfolio
The impacts of inflation and an unstable market are a huge concern – and taking withdrawals now can wreak havoc on the health and longevity of their investment portfolios. But by using the funds from a reverse mortgage, you can use the equity in your home and keep your assets invested.
Help combat inflation
The perk of opening a reverse mortgage line of credit early is that your client may borrow more now. If part of the loan is held in a line of credit, the unused portion will grow each month at a rate that is equal to the sum of the interest rate, plus the loan’s annual mortgage insurance premium rate.
Delay Social Security benefits
As of January 2022, the maximum benefit for someone of full retirement age this year is $3,345 per month. While Social Security benefits can be claimed as early as age 62, collecting them before full retirement age may result in reduced monthly benefits for the rest of that individual’s life – even after he or she reaches full retirement age.
Finance expenses and goals
The loan proceeds can be used however you deem necessary – to pay for home renovations, vacations, health-related expenses, in-home care and so much more. Think of all the ways these funds can help create a more fulfilling and enjoyable retirement.
Reverse mortgages have the potential to dramatically improve the quality of life of your older customers. Reach out with any questions on how I might be able to help you enjoy your retirement better.