Reverse Mortgage The Villages, Florida: A Part of Your Retirement Plan
Reverse Mortgage as Part of your Retirement Plan
Written By: Phil Loyd
We’re all looking forward to our retirement, but the real question is, are we financially prepared for it? Setting up an IRA, a 401K or pension at work, even your savings and investments, and social security, these are all key elements to financial security in your retirement. But what if they’re just not enough? There is another option; it’s called the reverse mortgage.
What is a reverse mortgage?
You may have seen ads on TV for a reverse mortgage and thought, sounds a little too good to be true. But it’s for real. A reverse mortgage is a legitimate option when planning for your retirement.
A reverse mortgage is an equity release, a loan offered to seniors age 62 or older by HUD. Under this program, seniors can draw either a percentage of their home equity or all of it in one sum. By drawing a percentage they can receive a monthly stipend against the equity in their home. It is in a way much like an annuity. The homeowner does not have to repay this loan until either they die or sell the property. In short, a reverse mortgage allows the homeowner to access their home equity while they are still alive, and not have to repay until they die.
If you would like information about a reverse mortgage in The Villages, Florida, contact Reverse Mortgage Specialists at iReverse. We are dedicated to answering all of your questions and providing the knowlege you need to make decisions for your future. Call 800-486-8786 ext 813.