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Setting the Record Straight
Reverse Mortgage Misconceptions You May Have Read or Heard
MISCONCEPTION #16 – A REVERSE MORTGAGE IS ONLY FOR THOSE IN DESPERATE NEED AND/OR AS A LAST RESORT
A reverse mortgage is a wonderful financial planning tool, used by homeowners in all walks of life, both rich and poor, as a way of improving their lifestyle. Some borrowers may have a greater need than others for the cash or monthly income. But there are many homeowners in up to million dollar homes using a reverse mortgage as part of their financial plan. You can use a reverse mortgage for a variety of reasons from estate planning, vacations, paying for college and paying down debt. In most cases obtaining a reverse mortgage can be a very wise decision. You can even use a reverse mortgage to purchase real estate. While a Reverse Mortgage is often used to provide additional income to homeowners with limited income, it can also provide cash for a vacation, a visit to the grandchildren or that new boat and it can also be an important part of an estate or financial plan.
Everyone has varying levels of cash needs from time to time. An unexpected medical bill or other family catastrophe can be handled gracefully by having a reverse mortgage. Others like the idea of using the equity in their home for retirement income while they are still living there. Many folks just like the feeling of financial security they get by having funds readily available. While each of these situations is different, they all can be handled through a reverse mortgage.
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