What Are Your Dreams for Retirement?

Peace of Mind? Own your home without making monthly mortgage payments, with extra money set aside for unexpected expenses or healthcare costs.648-385

Freedom? Easily pay your monthly bills, with enough extra cash to live comfortably and enjoy the occasional luxury.

Recreation & Leisure? Enjoy time hosting friends and family, participating in social opportunities and pursuing your favorite hobbies.070-331

Travel & Adventure? Look forward to taking that long-awaited vacation or family cruise, sooner rather than later.

House made of money

Making the most of your retirement involves making financial decisions throughout life to build a stable platform for an enjoyable retirement. For each of us that is very different, above are just a few of the possibilities! Getting to that ultimate goal does not always go exactly as planned. Some investments do not work out, or perhaps you had to switch jobs or move unexpectedly. Sometimes things went exactly as planned but your dreams or goals changed.

The question is how do you close that gap and get to where you want to be? There are a few choices here and some are easier than others. You can always work more, skimp in some areas to pad others, or use what you already have.

Retirement Funding Options

 

Pros

Cons

1. Delay retirement or return to work You continue earning income to pay your financial obligations You may be unable or unwilling to continue working because of poor health or other reasons
2. Sell your house and downsize You eliminate or reduce your current mortgage payment and maintenance You may want to stay in your current home

You may still have a mortgage

Closing costs add to your financial burden

3. Obtain a home equity loan or refinance your existing mortgage You remain in your home

You may be able to lower your monthly mortgage payments and even pay off other debts

 

To qualify for an equity loan, your income/debt ratio must be at a certain level and you must have an acceptable credit score

You must still pay your monthly mortgage, plus closing costs for the equity loan

4. Decrease expenses and modify your lifestyle You eliminate unnecessary expenses and reduce your monthly cash outflow. It may be difficult to cut back if you’re already living frugally, or you may not want to sacrifice some comforts
5. Obtain a Reverse Mortgage You access tax-free cash to pay off your mortgage and may have additional funds for expenses or financial goals Upon your death, the Reverse Mortgage loan must be paid off. Any equity that remains then goes to your heirs

Fortunately, there is a solution that provides you with tax-free cash by tapping into the equity in your home. A Reverse Mortgage is an innovative government-insured loan that enables you to tap some of your home’s existing equity to obtain cash to help fund your retirement needs and wants. Reverse Mortgage’s have helped thousands of homeowners just like you remain in their homes (mortgage payment free) while attaining their financial goals throughout their retirement years.

Retirement should present an opportunity for leisure, well-earned relaxation and the freedom to enjoy life to the fullest without financial worries. However, for some, it can be a time of uncertainty. Perhaps your retirement income is not as much as you thought it would be by now.EX300

Many senior homeowners are taking advantage of a Reverse Mortgage to supplement their retirement. It is not only flexible; it also offers security and predictability in today’s challenging economy. A Reverse Mortgage may be the ideal solution for you.646-206

More Information on Reverse Mortgages

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