Why Age In Place With a Reverse Mortgage?
Why Age In Place With a Reverse Mortgage Loan?
The first thing to consider…is whether or not you want to age in place.
When you chose to age in place, you chose to live in your home, comfortably and safely, until the end of your days. This is particularly important if you cherish your home, your neighborhood, the connections you’ve made, etc. and don’t want to let it go, despite the fact that you’re retired.
In truth, your home might provide the perfect conditions for you to age in place. However, it’s crucial to establish what changes will need to be made to the home to make it suitable for aging in place. Sometimes nothing needs to be changed, other times the changes are more extensive.
It’s important to consider what you’ll be gaining, though, if you decide to age in place….peace of mind. The peace of mind that the house you’ve called home for decades will continue to be home.
A reverse mortgage loan might help you age in place, providing substantial cash flow in order to live your retirement at home, comfortably, or to make the necessary changes to make your home more suitable to your current health needs.
A nursing home is a viable option for some retirees, but have you considered how much it will cost? It’s not likely that you or family members are equipped to handle the susbstantial costs.
In addition, you might live comfortably at home, without the need for monthly mortgage payments. A reverse mortgage loan might provide enough cash flow to make sure you never have to make another mortgage payment as long as you live in your primary residence. If your home has enough equity, you might eliminate your mortgage payments and store the rest in a line of credit for the proverbial rainy day.
There are many benefits to the reverse mortgage loan and many options available to homeowners who qualify. Your retirement should be a stage in your life, not the last stage. Consider a reverse mortgage to help you achieve the retirement you’ve always wanted.
There are risks involved with a reverse mortgage loan. 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.
If you think a reverse mortgage is right for you or have questions, let PS Financial Services a call at (888) 845-6630 or email us at info@PSReverseMortgage.com. We do not pressure those who inquire. We are simply here to help.