A Reverse Mortgage Can Be a Financial Planning Tool
When you hear the term ‘reverse mortgage’ what comes to mind? Do you think it’s a scam or too risky?
These are myths millions of people have believed for years, but today, the reverse mortgage in Lake Tahoe, California is seen as a great financial planning tool. Should it be your only financial tool?
But it can work well alongside any other financial plans you have in place. If you haven’t considered a reverse mortgage in your financial toolbox, here are the reasons you should consider it.
A Reverse Mortgage can Supplement your Retirement Income
Even if you planned perfectly for retirement, you may find you don’t have enough income. Whether it’s due to an increase in the cost of living or you’re experiencing unexpected expenses during your retirement years, a reverse mortgage in Lake Tahoe can be just what you needed.
A reverse mortgage taps into your home’s equity, giving you access to it now rather than passing it down to your heirs. You can only borrow a certain percentage of your home’s value so you aren’t depleting it, and you have access to the funds you worked so hard to earn throughout the years.
You can Use your Reverse Mortgage Funds during a Bear Market
If you have other retirement investments, you may rely on them for your income during your retirement years. But what happens during a bear market? When asset values fall and you continue to withdraw from those accounts, you deplete your retirement savings faster than you thought.
Having reverse mortgage funds available in cases like this allows you to withdraw from your reverse mortgage account and keep your investments as is. When the market corrects itself, you can go back to withdrawing from your investments, leaving your reverse mortgage funds alone.
A Reverse Mortgage can be an Emergency Tool
When you were working, you likely had an emergency fund or a fund you could rely on if you lost your job, fell ill, or couldn’t work for some reason. That emergency fund is still important during retirement.
If you don’t have ‘extra funds’ set aside for the unexpected, a reverse mortgage can help. You don’t have to withdraw the funds right away. You can access them as a home equity line of credit, withdrawing funds only if you need them. This means you don’t accrue interest on the mortgage unless you withdraw the funds should you have an emergency.
If you aren’t using a reverse mortgage as a financial planning tool for your retirement, it may be time to reconsider. Thousands of seniors in Lake Tahoe, California are taking advantage of the higher home values and the simple reverse mortgage guideline.
If you’re ready to learn how a reverse mortgage can help you, grab your copy of my free book at www.reversemortgagelive.com. This is a limited-time offer so don’t wait! Get your copy today and see how a reverse mortgage can be a financial tool in your life.
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