Use a Reverse Mortgage to get rid of your mortgage payment, stabilize your debt and put yourself in a solid position to live within your means during these uncertain times. Now, with inflation and high interest rates that can make debt very costly, it is simply a time to be more conservative.
Over the past several years many people were lured into using traditional home equity lines because they were easily obtainable, very convenient, and the rates were in the two percent range. Now, however, many of those lines are 8.5% or higher, making it very costly.
Here are some debt-minded sensible things you can do today with a Reverse Mortgage:
1) Pay off your primary mortgage and/or your expensive home equity line to put more money in your hand monthly. (Taxes and insurance still due)
2) Pay off expensive credit card debt.
3) Access your home equity in a safe manner to avoid turning to more expensive forms of debt.
In an inflationary and higher rate environment, debt can be more dangerous. Don’t allow this to happen but if you do find yourself or a family member in a precarious position with expensive debt, do something about it. First, let’s see if your eligible for a Reverse Mortgage and secondly, let’s determine if one would make sense for you.