Unlock Your Home’s Equity with a Reverse Mortgage
We understand that you want to transition easily into the retirement lifestyle of your choice. We are here to help you access a portion of your home’s equity and make the most of your retirement years.
Whether you are planning on retiring soon or have already started retirement, take a moment to think about how you envision your retirement lifestyle. Even if you have planned, saved and invested carefully, you may have fewer funds than you had expected to meet your goals. Now is the time to consider all of your financial options and make the right decisions for your future.
Explore Your Options:
- Delay retirement or return to work
- Pros: You continue earning income to pay for your financial obligations.
- Cons: You may be unable or unwilling to continue working because of poor health or other reasons.
- Sell your house and downsize
- Pros: You eliminate or reduce your current mortgage payment and maintenance.
- Cons: You may want to stay in your current home. You may still have a mortgage. Closing costs add to your financial burden.
- Obtain a home equity loan or refinance your existing mortgage
- Pros: You remain in your home. You may be able to lower your monthly mortgage payments and even pay off other debts.
- Cons: You must still pay your monthly mortgage, plus closing costs for the equity loan.
- Decrease expenses and modify your lifestyle
- Pros: You eliminate unnecessary expenses and reduce your monthly cash outflow.
- Cons: It may be difficult to cut back if you are already living frugally, or you may not want to sacrifice some comforts.
- Obtain a Home Equity Conversion Mortgage (HECM)
- Pros: You access tax-free cash to pay off your mortgage and may have additional funds for expenses or financial goals.
- Cons: The loan balance grows over time and the value of your estate may decrease over time.