How Are Reverse Mortgage Loans Used

How Are Reverse Mortgage Loans Used?

People use their reverse mortgage loans for various purposes, from spending more time with the grandkids to strategic retirement plan enhancements.

What Could More Cash Flow Do for You?

Eliminating Monthly Mortgage Payments

One of the potent HECM benefits is the elimination of required monthly mortgage payments. If they so choose, borrowers can make payments for tax purposes, but they’re only obligated to pay property charges that they already have to pay, such as taxes, insurance and upkeep.

Many retirees find the extra monthly cash flow a useful financial cushion for their retirement assets. Others find that it’s the last piece of the puzzle they need to retire with financial security officially. In either case, significantly reducing financial stress can go a long way toward a comfortable, secure retirement.*

Purchasing New Properties

Borrowers can use a reverse mortgage loan to purchase a new home, significantly boosting homebuying power (sometimes up to 200%) without obligatory monthly mortgage payments. The borrower has to pay property charges such as taxes, insurance and home maintenance.

Many people would love to move closer to their families or live in new construction homes but think they can’t afford to on a fixed income. If you’d like to learn more, visit our website!

What Could More Cash Flow Do for You?

Eliminating Monthly Mortgage Payments

One of the potent HECM benefits is the elimination of required monthly mortgage payments. If they so choose, borrowers can make payments for tax purposes, but they’re only obligated to pay property charges that they already have to pay, such as taxes, insurance and upkeep.

Many retirees find the extra monthly cash flow a useful financial cushion for their retirement assets. Others find that it’s the last piece of the puzzle they need to retire with financial security officially. In either case, significantly reducing financial stress can go a long way toward a comfortable, secure retirement.*

Purchasing New Properties

Borrowers can use a reverse mortgage loan to purchase a new home, significantly boosting homebuying power (sometimes up to 200%) without obligatory monthly mortgage payments. The borrower has to pay property charges such as taxes, insurance and home maintenance.

Many people would love to move closer to their families or live in new construction homes but think they can’t afford to on a fixed income. If you’d like to learn more, visit our website!

Aging in Place

Your choice of housing later in life is one of the most important decisions you make. For most people, the top choice is the home they know and love in their familiar community. Unfortunately, many traditionally designed homes can become challenging to navigate for older individuals, particularly if mobility issues arise.

The funds from reverse mortgage loans can be applied to various home modifications and improvements to make a home a wonderful place to live for the long haul. These modifications often include widening doorways, installing ramps, reconfiguring bathrooms, etc.

Protecting Retirement Investments in Down Markets*

What do you do in a market downturn if you depend on retirement investments to support your lifestyle? For many, it’s a choice between making serious sacrifices to their quality of life or continuing to withdraw funds, which locks in losses and can jeopardize the longevity of their retirement funds.

The cash flow from a reverse mortgage loan can be used as a “buffer asset” in times like these, offering an alternative source of cash to rely on until the markets recover.*

Funding Long-Term Care (LTC)

Long-term care (LTC) involves various services designed to help people meet their health and personal care needs, either for a short or long period. Medicare generally doesn’t cover LTC services, and only a small percentage of older Americans have private long-term care insurance (LTCI).

Many use their reverse mortgage loan proceeds to help fund LTC in several ways, including paying for LTCI premiums or self-funding professional or informal care.*

Gaining Financial Freedom and Peace of Mind

For many retirees, particularly those 62 and above, a fixed income can impose many restrictions on the possibilities of life. When you add inflation to the mix, making ends meet can require sacrificing quality of life.

We often hear that the most impactful benefit of a reverse mortgage loan is the financial flexibility of having a greater monthly cash flow. With this, many borrowers gain peace of mind and can do things they love, like visiting family, treating themselves and going on vacations.

Funding Long-Term Care (LTC)

Long-term care (LTC) involves various services designed to help people meet their health and personal care needs, either for a short or long period. Medicare generally doesn’t cover LTC services, and only a small percentage of older Americans have private long-term care insurance (LTCI).

Many use their reverse mortgage loan proceeds to help fund LTC in several ways, including paying for LTCI premiums or self-funding professional or informal care.*

Gaining Financial Freedom and Peace of Mind

For many retirees, particularly those 62 and above, a fixed income can impose many restrictions on the possibilities of life. When you add inflation to the mix, making ends meet can require sacrificing quality of life.

We often hear that the most impactful benefit of a reverse mortgage loan is the financial flexibility of having a greater monthly cash flow. With this, many borrowers gain peace of mind and can do things they love, like visiting family, treating themselves and going on vacations.

Want to Learn More?

Check out our website that is dedicated
to reverse mortgage loans.

See It Now

This List Is Simply the Beginning

When it comes to reverse mortgage loans, what matters most is the borrower’s unique situation.

Reach out to Leslie and the Kight Team today. They’re here to help you determine if a reverse mortgage can help accomplish your goals.

Invest in the Future You Deserve.

Not only do you deserve a home you love, but one that will
lead to a better future. We can help you get there.

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