You don’t have to be retired to take advantage of a reverse mortgage.
MarketWatch states that the unemployment rate in January 2020 for those 55 and older rose from 2.6% to 13.6% in April 2020. As we have experienced, COVID-19 has no boundaries.
Seeking employment, finding ways to reinvent yourself, implementing new technologies and in cases where you own your business, takes time and in the end it may translate to working harder for less, but hope that’s not the case!
Urban Institute states that after the last recession in 2008, those between the ages of 51-60 waited for an average of 9 months before finding new employment.
So for homeowners age 55 and older finding themselves in this situation, how do you maintain your lifestyle, and possibly prevent early tapping of retirement funds or taking social security, and bridge that monthly income gap?
A reverse mortgage can help.
A reverse mortgage pays off the existing first mortgage and if ample equity is left, an accessible credit line for future advances would be made available.
No monthly payments need to be made on the new reverse mortgage which gives breathing room to a homeowner while they seek work or look to for ways to increase business. If the income level increases, they can make monthly payments on the reverse mortgage, just like a regular mortgage.
Some reverse mortgage loan interest rates are not that far off from conventional interest rates and recent guideline changes have made the loan more consumer friendly and safer, you will be pleasantly surprised.
The reverse mortgage isn’t just for full time retired people, it can be for homeowners with ample equity, 55 years of age and older who need temporary help for themselves or even their children’s families during this time of adjustment that we are in.
Feel free to give me a call or leave a question or commnt below and we chat for more specifics.
Stay well,
Kevin Walton NMLS 245923
C2 Reverse www.californiareversemortgage.biz