Retirement is often the perfect time for travel, and a reverse mortgage can help you reach your travel dreams.
One wonderful way a reverse mortgage can help is bringing families together. This is a fun way to start contributing to the next generation while you’re around to enjoy the process, creating new memories and enjoying your retirement.
Whether you want to take a dream vacation with your family, or hit the seas or road for an extended time, reverse mortgages are exactly like a regular mortgage – you can use the funds for whatever you like.
Your heirs or charity will still receive your home if that’s your intent. It will simply have a low, easy-to-pay off mortgage that’s due upon sale, or must be refinanced into a new conventional mortgage (or home equity line) if your heirs intend to keep the home.
By rebalancing equity from one’s primary residence into a reverse mortgage, one can get the best of all worlds – zero monthly payment, tax benefits (accrued interest against a primary residence), and if you choose, a lump sum that can be used for travel, in-home medical help, RVs or boats – whatever you choose.
We’d like to help you! Why not request a quote, and we’ll give you some risk-free options to consider? Just fill out the form on the right and we’ll get right back to you. There’s no pressure – just a friendly chat and options to think about.
Note: We’re lending professionals, not tax experts. For full details about your exact situation, please seek the advice of a licensed tax professional.