QUESTIONS?

CALL US: 703-319-2198


Can a reverse mortgage replace a pension?

Published on Feb 02, 2016 | Retirement Planning supplemental retirement income HECM Reverse Mortgage Financial Planning reverse credit line

Good article below. A diversified base of income in retirement is important.  The three legged stool analogy is a great illustration for balance.  Why be dependent just on one or two sources of income and potentially worry? This is the insecurity over money that they say we will all one day experience.  Its best for us to control this rather than allowing it to control us.  A Reverse Mortgage can provide two very critical benefits in this area. First, it can provide immediate monthly cash flow balance for those with mortgages by eliminating the forward mortgage payments (Principal & interest).  This frees up more cash for living and reduces required payments each month.  Secondly, any residual available equity can be configured with a reverse mortgage credit line that will grow annually.  This can provide supplementary funds as needed or simply be reserved for emergencies.  In summary, three legs to a retirement income strategy is much better than only one or two.  A HECM Reverse Mortgage can help achieve this goal.  

Read the full Bankrate article here.  
 

George H. Omilan
President-CEO - NMLS# 873983
Jefferson Mortgage Group LLC
Helping seniors with Reverse Mortgages in Virginia, Maryland, DC and Pennsylvania.

Questions/Comments encouraged.

 

 

Recent Posts

Blog Tags

Reverse Mortgage HECM Reverse Mortgage Retirement Planning supplemental retirement income Seniors Retirement security Financial Planning Short Sales Age in Place Government insured mortgage lifetime income with a Reverse Traditional Mortgage Home Care HECM for Purchase Jumbo Reverse Mortgage Retirement income insecurity home equity access Long Term Care solutions for underwater properties reverse credit line Social Security Specialized Forward Mortgages Mortgage Loan Process Eligibility for Reverse Mortgage Annuity Financial Assessments forgiven mortgage debt mortgage Inflation Debt Mitigation FHA 55+ private label reverse mortgage mortgage debt forgiveness act foreclosure cashflow self-employed borrower VA LOAN Non QM HUD Reverse to Purchase Mortgage Loan modification Investor Loans Real Estate Investment Loans VA Low Score Real Estate Market Jefferson Mortgage Group bank statement loan Housing Market investor financing No Doc Investor Loans Sandwich Generation QM HECM Changes Interest Rates High-Value Homes LESA Medicare Mortgage Rates mortgage debt Reverse Mortgage Eligibility Low Credit Score manual underwrite Construction Loan Fed Real Estate Economy 2023 changes growth factor downsizing HELOC 2025 changes Hard Money Loan Lending Limit increase DSCR Non-recourse loan modify your loan with your lender mortgage debt relief act Mortgage Deliquency Fiscal Cliff Business Cash-flow Senior Advocate HECM to Purchase Blanket Loan Seller Contribution Jumbo Reverse Second Trust Senior Care Diversification Estate Plan Gray Divorce Jumbo Mortgage Loan Rentership Credit Score down to 500 Second Trust bankruptcy MIP Unrestricted Approval Principal Limit Factor success story Trump Commercial Real Estate 2021 Changes Debt Treasury occupancy requirements Asset Qualifer FINRA Housing Prices Property-based loan Asset Based Mortgage ATR Rule assisted living LLC Second Trust Prequalification Non-Qualifying Loan