Senior Estate Planning With a Reverse Mortgage
We know that one your largest assets in your estate is your home. The equity in your home may also be the biggest part of your net worth. There are a number of possible reason why a retiree might consider tapping into their home equity. The obvious is to maintain or enrich their quality of life.
Financial Strategy using a Reverse Mortgage
Obtaining a reverse mortgage is one option that may provide solutions to your retirement goals. I’ll list a couple of examples.
- Postpone drawing Social Security benefits in order to qualify for higher monthly benefit
- Supplement your Social Security, pension or other retirement income
- Eliminate your mortgage payment
- Afford current or anticipated medical care and expenses
- Aging in place anticipation and security
- Home improvements
It should also be noted that the funds received through a reverse mortgage are “Tax Free”!
These are just a few of the recognized objectives that a reverse mortgage may provide. Your financial advisor along with a reverse mortgage specialist can provide professional advice on the details and whether this would be a good option to consider. Family members should also be included in these decisions when possible.
There is a lot to consider. Senior Estate Planning requires counseling and consultation. Do your due diligence and get all your questions answered.
If you need to start somewhere then give me a call.
Glad to help.
Rod Graves
619-587-9765
Reverse Mortgage Specialist
