Conventional wisdom once held that the earth was the center of the galaxy and the sun revolved around us. Then we thought the earth was flat until we learned it was round. Today, conventional wisdom holds that having equity and being debt free are the end goal, and taking on debt, especially in the form of a reverse mortgage loan, is taboo.
According to the Center of Retirement Research at Boston College, over 10,000 baby boomers will turn 62 daily for the next several years. The path to depleting assets for retirement living has become murkier; every single person who has tried to “rip the front door off the hinges” and buy groceries with it has failed. Equity continues to likely be the greatest asset in one’s net worth, and converting that equity into cash could be a good way to potentially enhance seniors’ quality of life.
Utilizing equity to possibly maintain a higher quality of life is an opportunity that needs to be reviewed with facts rather than the myth that has spiraled out of control.
Everything you have ever heard about reverse mortgages may not be true.
Most common advantages or uses of a reverse mortgage include:
Everyone has a different situation, sets of needs, wants and challenges. It will be well worth your time to meet with me to receive a personalized, no-obligation consultation to see if a reverse mortgage is right for you.
There is a lot to explain and a lot to be learned—for further clarification please reach out to me or look for future articles where I will elaborate in more detail.
*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor for your specific situation.
Michael Graber is a certified reverse mortgage planner with 15 years experience working in the mortgage industry. He looks forward to discussing and servicing your lending needs in ways you never thought possible. Contact him at 201-594-6861. Fairway Independent Mortgage Corp. is located at 28 W. Grand Ave., Suite 17, in Montvale; Branch Manager NMLS #82966. Copyright©2018 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Licensed by the NJ Department of Banking and Insurance.
By Michael Graber
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