Good health and financial security are essential to enjoying retirement. Planning ahead will go a long way to ensure both are waiting for you when the time comes. However, a reverse mortgage, or HECM, may also be a useful tool to help you achieve those goals.
In addition to providing a flexible revenue stream without having to sell your home, a reverse mortgage may provide the financial freedom to stay active and healthy as you age.
Stay Fit
There’s no question that exercise is one of the keys to a healthy lifestyle. The funds from a reverse mortgage could add enough to your retirement budget to make sure you get an appropriate workout. Your options could include a monthly gym membership, working one-on-one with a personal trainer, or outfitting your home with your favorite exercise equipment. In any case, the return on your investment will be hard to beat.
Get Out More
Maintaining a healthy lifestyle in retirement also requires getting out of the house and interacting with others. Accessing your home equity through a HECM may mean having the discretionary income to do just that.
Regular outings with friends and family, the ability to buy outdoor equipment like a bike or fishing gear, and seeking out activities that satisfy your interests are all excellent ways to stay active. The extra funds may also open the door to travel that otherwise wouldn’t be possible, meaning you stay fit by exploring the world’s top destinations. Regardless of where they take place, any experiences that have a positive impact on your mental and physical health are worth seeking out.
Keep Learning
Retirement is also the perfect time to pick up new skills and hobbies that keep your mind sharp well into the future. Consider using the funds from a reverse mortgage to pursue a new challenge. Not only could you have the ability to pay for the necessary instruction, but you’ll also be in a position to purchase equipment for interests like golf or photography. If you envision a second career as part of your second act, your HECM could subsidize a college degree or even the start of a new business.
When you’re ready, call Open Mortgage at 888-602-6626 to discuss how a reverse mortgage could keep your financial future in good health.

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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