So You Have a Reverse Mortgage Loan… Now What Do You Do with Your Time?
So You Have a Reverse Mortgage Loan…
Now What Do You Do with Your Time?
Many of the blog posts I write deal with how and why a borrower should get a reverse mortgage loan but, like the classical Disney movie, I rarely talk about what happens after “the happily ever after…”
Namely, what do you do with your time now that you have the ability to age in place without the stress of monthly mortgage payments?
ReverseFocus.com’s Amara Rose has a few suggestions though, ensuring that seniors in retirement, who have decided not to return to the work force, still get to live an enriching and fulfilling life. However, be aware that while you cannot lose your home under normal circumstances, foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms
One suggestion is getting involved in the community via volunteering or joining community programs in order to keep yourself occupied for most of your day. In addition, the feel good emotions associated with giving back to the community will keep you smiling for years to come.
One example Rose uses is Charlotte who, after being fearful her whole life, finally joking a community theater in her mid-sixties and was already acting and singing by the time she was in her early seventies.
Charlotte didn’t have to rejoin the work force. In fact, she took her retirement as an opportunity to try something new that gives her a creative outlet as well as a social one. Charlotte can interact with others and become part of something greater than herself, essentially reinventing herself during the next stage in her life.
In truth, there are many things you can do during retirement, especially if you have made the decision to forgo your monthly mortgage payments. By ensuring that you retire debt free, or considerably lower the debt you have accumulated before you retirement, retirement can become a rewarding exercise in making the most out of everything in your life.
How about travel? If you’ve always wanted to travel, but never had the time or the funds to do so, now, with a reverse mortgage loan, you can have plenty of both. While a borrower needs to live in their primary residence during the life of the loan, this does not mean that they can’t travel throughout the year.
In fact, what you do with your funds is up to you as long as you continue to pay your homeowner’s insurance and property taxes and keep up regular home maintence. The rest is up to you.
If you’re interested in a reverse mortgage loan or simply have more questions, give PS Financial Services a call at (888) 845-6630 or send us an email at info@PSReverseMortgage.com. We do not pressure those who inquire, we’re simply here to help.
what do you do with your time now that you have the ability to age in place without the stress of monthly mortgage payments?