Reverse Mortgage Blog

5 ways a reverse mortgage can help your retirement

5 ways a reverse mortgage can help your retirement

October 28th, 2016 | Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, Social Security, Retirement security, supplemental retirement income

Nice article on some of the basics of a Reverse Mortgage.  I would like to add that one of the key components of any strategy involving a Reverse Mortgage is balancing and keeping debt in control.  Debt, such as mortgage payments and credit cards that get out of control have a tendency to sap a retirees monthly fixed income and throw their retirement plan into turmoil.  Once you have achieved balance with your debt and income you can then focus on the savings and investment benefits.  For example, the  current growth rate that compounds annually on the untapped portion of your available principal limit with a Reverse Mortgage is 6.197 percent.  As the article mentioned, this will provide a handsome safety net, diversification, and continued supplementary income options even in the event your property declines in value.  

Full Marketwatch article --> http://www.marketwatch.com/story/5-ways-a-reverse-mortgage-can-help-your-retirement-2016-10-26

For more on controlling debt see my blog from March 2016.

 

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

Questions/Comments encouraged.

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Jefferson Mortgage Group LLC

2536 Leeds Rd.
Oakton, Virginia 22124
703-319-2198
FAX: 703-773-6946
info@jeffersonmortgage.com
NMLS: 935554

Located in Fairfax County, Virginia. Serving all of Virginia, Maryland, DC & Pennsylvania. 

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Jefferson Mortgage Group LLC is licensed in Virginia, Maryland, DC & Pennslvania.
Virginia State Corporation Commission License Number MC-5659 and the Pennsylvania Department of Banking & Securities #46259 
The DC Department of Insurance, Securities, and Banking License #MLB935554
Maryland DLLR License #21586

An Equal Housing Lender

By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan.

This material is not from HUD or FHA and has not been approved by HUD or any government agency.