As you or your loved ones begin to grow older it is important to feel safe and secure about your financial situation. At Penny Lane Financial we have specialists that are here to help create a secure retirement plan that works for your specific needs, and a reverse mortgage just might be part of that plan.
A reverse mortgage can offer peace of mind that financial stability and a comfortable standard of living are maintained while income may slow, medical expenses increase, and care becomes dependent. Here are three reasons you might want to consider a reverse mortgage.
Maintain Standard of Living- With a reverse mortgage, the lender pays you, the homeowner, every month. Depending on the mortgage type and lender you may choose to receive the reverse mortgage funds in lump sum, monthly advances, as a line-of-credit, or a combination of the three. This will provide you with more allowances for general expenses.
Long-term care- Each year thousands of families find themselves in a situation trying to find long-term care for their loved ones. The annual costs of long-term care range anywhere from $15,000 to $100,000 depending on the needs of the individual, and can be extremely stressful for families. A reverse mortgage could be a great way to pay for these expenses.
Major Home Improvements- As we get older it is common to want to spend some time and money making improvements to our homes to make them more functional and safe, and family-friendly. With a reverse mortgage you and your loved ones may finally have the money for your home improvement dreams to come to fruition.