The Freedom To Live On Your Own Terms
For those who are eligible, a reverse mortgage provides the flexibility to make the most out of retirement — and life in general. This type of loan is a fantastic way to free up money, whether through a lump sum, monthly payments, or a line of credit. Whether you are living on a tightly-budgeted fixed income, or need funds for a significant or unexpected expense, a reverse mortgage allows you to turn the equity you have accrued in your house into spendable cash.
Many individuals who take out reverse mortgages use them money to pay unforeseen medical expenses. Whether you are not yet eligible for Medicare or need a procedure that isn’t covered, the funds from this loan can be immensely helpful. The cost of medical care is often substantial, and even if you have emergency savings, it sometimes isn’t enough. A reverse mortgage is able to provide you with the cash to pay for care, and it will be paid back from the sale of your home, once you no longer live there.
Home repairs are another common expense which a reverse mortgage can address. Many people find that repairing or renovating a house can turn pricey very quickly. Additionally, many find that they go over-budget in the midst of a renovation, which creates an immensely stressful situation. With a reverse mortgage, not only can you free up the cash to pay these expenses, you are also simultaneously increasing the value of your house. This means, should you sell the house down the road, you could have money leftover once you pay back the loan.
Spend The Proceeds As You Please
While the medical expenses and home improvements are some of the most common ways to utilize reverse mortgage funds, you can spend the money however you see fit, for the most part. You can pay for a relative’s college tuition or you could use it to pay for the vacation home of your dreams. The sky is the limit, and when you meet with a reverse mortgage counselor, they will provide you with all the information you need.
Call Us To Learn More
We are here to help you live on your own terms. We are proud to offer free, no-commitment consultations, so please call Family Home Loan Texas today at 1-800-990-LEND (5363). We look forward to speaking with you and helping you secure a helpful reverse mortgage.