Take Your Retirement on The Road With A Reverse Mortgage
Your golden years have arrived, and retirement is in full swing. How do you make the most of your new freedom without sacrificing the financial stability you worked so hard to create? Well, if getting out of the house sounds like a start, a Home Equity Conversion Mortgage (HECM) could be just the vehicle to take you.
Protecting Your Primary Residence
First and foremost, a HECM, also known as a reverse mortgage, allows individuals over the age of 62 to access the equity in their home while still retaining ownership. The funds can be drawn in one lump sum or as payments over an extended period, and they can be used in countless ways. However, one crucial requirement for reverse mortgage eligibility is that the home has to remain your primary residence. Once that changes, by choice or otherwise, the balance of the loan will be due, up to the current value of the home.
In the meantime, however, a HECM can be a smart way to supplement your retirement income and open the door to the retirement lifestyle you had always envisioned.
See The World…Or Just Your Loved Ones
One possibility is to use the reverse mortgage funds to start crossing destinations off your bucket list. Whether its arranging extended multi-country tours, spending the winters in a tropical locale, or even purchasing a recreational vehicle and hitting the open road, a HECM can bring those goals within reach.
A lesser-known product, the HECM for purchase, can make it possible to relocate to a new home while still turning your equity into supplemental income. It can be an attractive alternative for anyone looking for a permanent change of scenery or wanting to be closer to their family.
Give the specialists at Open Mortgage a call at 888-602-6626 to find out how a reverse mortgage can get your retirement really moving.