Many seniors can’t wait to retire when the day finally comes, and after a lifetime of hard work, they’ve earned it. But sometimes, after a year of tending the garden, playing golf, and reading through the local library, people find themselves looking for a new project. If you have a little money saved up and you’re drawing from retirement funds, there’s no reason not to start a business for pleasure and earn some extra income. That’s why a growing number of seniors are using retirement to fulfill their dreams of becoming an entrepreneur and business owner.

If the idea of a new business venture appeals to you, we have some ideas to help you get started.

Unleash Your Inner Creative

Maybe you missed your true calling. Instead of following your passion, you got stuck behind a desk working a standard 9 to 5 job. Now’s your chance to take a leap and start a business selling art, handmade furniture, artisan baked goods, or whatever it is you’re skilled at creating. Just keep in mind that you’ll want to start small, with little overhead costs. As your business grows, consider the costs of purchasing materials, equipment, and securing a workshop space.

Become a Franchise Owner
Sometimes we like the idea of owning a business that doesn’t require starting from the bottom. If you can afford the upfront costs, some find that becoming a franchise owner of a chain restaurant, retail or hospitality company can be very rewarding. By purchasing a franchise location, you tap into a stream of income that is bolstered by brand recognition of a large, well-known company.

Become a Consultant

Maybe you’re not ready to jump back into full-time work—this is retirement after all. Have you considered becoming a consultant? This is a simple, practical way to use training and experience from your previous career to launch a new one. Starting a consulting business has a relatively low startup cost, as you can literally do it from home in your PJs.

Whether you’re ready to start a new adventure or simply looking for assistance with unexpected life expenses, a Home Equity Conversion Mortgage, also known as a reverse mortgage, could be the right choice for you and your family. Ready to explore your options? Contact us at (888) 602-6626.

Things to know about Reverse Mortgages:

  • At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
  • Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees
  • The loan balance grows over time and interest is charged on the outstanding balance
  • The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home
  • Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment

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