Retirement should be a time of relaxation and fun, right? For most it is, but that doesn’t mean it’s without its emergencies and hard times. When you prepared for your retirement, you probably focused on the ‘good times’ and how much you’d need, but what about the bad or unexpected?
Retirees all over Sonoma, California have emergencies and find themselves ill-prepared financially. So what can you do to deal with the emergencies and the financial burden they cause?
While credit cards and personal loans are an option, there’s a better choice – a reverse mortgage.
You may have heard ‘bad’ things about them or you just assume they aren’t worth it, but I’m here to tell you they are helpful and safe for retirees – that’s who it was made for!
How Much Should Retirees Have in Cash?
When you planned your retirement, you likely planned for your normal living expenses and maybe some fun. But did you think about an emergency fund?
Retirees should have one to two years of expenses on hand. Do the math – that’s a lot, right? But without it, how do you withstand a housing crisis like what happened in 2008 that brought the stock market down too?
Planning for the worst and hoping for the best is your best bet.
How a Reverse Mortgage in Sonoma, CA can Help
So what can a reverse mortgage do for you?
It gives you access to your home’s equity without forcing you to sell your home. You don’t have to downsize, sell your house, or move into a retirement home. You age in place and can use your equity – you’re having your cake and eating it too.
A reverse mortgage gives you access to a percentage of your equity based on your age. You and your spouse or co-borrower must be at least 62 years old to use it. The older you are, the more equity you can tap into.
Here’s the best part – you don’t have to pay it back while you’re in the home and/or alive. The loan doesn’t become due and payable until you sell the home, move out, or pass away, at which point your beneficiaries will take care of it.
Here’s even better news.
The loan is a non-recourse loan. This means even if we had another housing crisis and your value plummeted, you wouldn’t owe any more than the home’s value. Even though your loan balance is much higher, you’d walk away free of your mortgage if you pay the amount the home is worth.
Consider a reverse mortgage in Sonoma, California to see you through the hard times. If 2020 showed us anything it’s that life is unpredictable and we should all be prepared.
If you’d like to see what a reverse mortgage is all about and how it can help you have the emergency fund you need to ensure your financial safety, download my free book by visiting www.reversemortgagelive.com.
This is a limited-time offer, so act fast to get the number one resource that will help you understand how the reverse mortgage really works.
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