The ability to purchase a second home and retire early are two of the top five reasons consumers should consider a reverse mortgage “right now,” according to a recent The Motley Fool article.
“We’re all worried about our retirement,” writes Buck Wargo. “But many of us have an ace in the hole to turn to help fill in the gaps of our retirement and help us envision the dreams that we have once we stop working: A reverse mortgage.”
Other reasons to get a reverse mortgage now are to start a new career, travel and for peace of mind, Wargo says.
“The reverse mortgage is such a realistic vehicle for a lot of people,” he says, noting that it can offer a line of credit that grows over time and is available when needed.
For example, if someone has a stroke or is diagnosed with dementia, the reverse mortgage can be leveraged when unexpected financial hardships occur.
“Not everyone understands what a reverse mortgage actually is and there is a lot of misinformation out there, even in otherwise reputable and reliable media sources,” he says. “It’s only a mortgage that has the most flexible repayment terms there are. You can keep on making your mortgage payments for now, but you know if you lose your job, your health or you have to stop making payments, you aren’t in danger of going into foreclosure.”
Read The Motley Fool article here.
Written by Cassandra Dowell
