A reverse mortgage can be an effective way to get cash when you need additional funds for daily living expenses or for travel. These loans may not be right for everyone in Santa Cruz, but for many people 62 and older, access to home equity may be a sound financial resource. Take a look at five reasons to include reverse mortgage loans in your retirement planning.
1. Maybe you’re still making a monthly house payment - Maybe you are facing expensive medical bills. Other costs, such as home repairs or automobile maintenance, could have you struggling to make ends meet. The equity in your home may be the solution.
2. Protect the home you’ve already bought - Whether you’re approaching foreclosure due to the inability to keep up payments or because you can’t afford the annual insurance, this loan may prevent the loss of your home.
3. You’ve worked toward retirement for many years - Use money from this mortgage loan to fund traveling and other recreation.
4.These loans are not as expensive as they once were - Today, you may be able to waive origination fees and other related costs.
5. The approval process is convenient and generally easy - If you are 62 or older, live in your home, have plenty of equity and have not become delinquent on any federal loans, then you could be approved for the loan. Work with our professionals in Campbell or in your community to learn more about your options.
VISIT WITH DAN IN SANTA CRUZ TO FIND OUT MORE INFORMATION
You may not be able to control all of the factors that will influence your future, but the more you know about financial planning, the better you’ll be able to prepare for any situation. Talk to professionals at Retirement Funding Solutions for answers to your financial questions, including the pros and cons of purchasing HECM loans. Begin preparations for your future by calling 831-423-2900.