5 Reasons Why Borrowers Prefer Reverse Mortgage
Once you have done your due diligence on reverse mortgage, the next step is to determine if reverse mortgage is the need of the hour for your situation. If you are 62 or more of the age, then you are just one decision away. You can always get an advice from your mortgage broker or consult Key City Lending for a professional opinion and advice. Also we have listed some of the reasons, if you are looking to one, to why get a reverse mortgage:
- Retire in style!
Many people are close to their retirement age spending most of their lives paying off mortgage loans. Every month a huge check takes from your house and leaves you with so little money to save, invest or spend on your necessities. Most of the retirees need fund for housing, medical insurance and so much more. For non-working retirees, this expenditure is handled with a fixed income from pension plans, retirement accounts etc. Reverse mortgage helps in increasing your fixed income and offer you cash for investing in activities which are unaffordable for you. Normally, the personal quality of life is why people opt for reverse mortgages.
- Pay your medical bills
For many retirees, health care is one of the increasing realities of their lives. As the price of the health care is increasing, it puts a great pressure on your fixed income. When you opt for reverse mortgages, your ongoing medical treatments, prescription drug routines, unforeseen medical bills can all be handled by reverse mortgages.
- Improve or modify a home
The early phase of your retirement is the best time to redecorate your home. You can even think of expanding your kitchen, widen the hallways, or convert your old pool in a beautiful garden. You can opt for reverse mortgage in your retirement for redecorating purposes.
- Dream vacation
Retirement is also the best time to plan a long vacation with your partner. The proceeds you will receive from reverse mortgage can be used for the vacation they have always dreamed about. So, what are you waiting for? We wish you a happy journey in advance!
- Pay off high-interest rate or problematic debts
If you are delved in a large amount of debts, it won’t sound as a surprise to you that this is the main reason why retirees opt for reverse mortgages. No matter if it is high-interest rate loan, a relative’s student loan debt, or a prospective foreclosure, reverse mortgage always comes to the rescue in these cases.