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Can a reverse mortgage replace a pension?

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.

 

 

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