Top 5 Reasons People Get Reverse Mortgages

Top 5 Reasons People Get Reverse Mortgages
Once you’ve done your research on​ reverse mortgages and gained a​ more complete understanding of​ the​ product,​ the​ next step is​ to​ decide if​ a​ reverse mortgage is​ right for your situation. if​ you’re eligible a​ homeowner 62 years of​ age or​ older with equity in​ your principal residence,​ this may be a​ quick decision or​ one that requires a​ bit more consideration. as​ with any decision,​ it’s always helpful to​ get the​ perspectives and experiences of​ others who have faced similar situations and asked themselves the​ same questions. So for those other folks who have decided to​ get a​ reverse mortgage,​ what were their reasons? We’ve asked some of​ our readers and site visitors and below are the​ top 5 reasons people get reverse mortgages
1. Retire in​ style! Most homeowners getting close to​ retirement age have spent that last thirty years or​ more making mortgage payments; depending on​ where you​ live,​ this monthly obligation could be anywhere from a​ few hundred dollars a​ month to​ a​ few thousand dollars a​ month and beyond phew! Every month that one big check goes out the​ door to​ the​ bank and leaves you​ with that much less cash to​ save,​ invest or​ spend on​ the​ items you​ need and want. How great is​ it​ to​ finally turn the​ tables on​ Main Street Bank,​ where they now send you​ a​ check each month? Most retirees have steady monthly costs,​ such as​ housing,​ medical,​ insurance and other necessary expenses. For nonworking retirees,​ those expenses are managed with a​ fixed income from retirement accounts,​ pension plans,​ social security or​ other plan. the​ reverse mortgage allows a​ retiree to​ increase their fixed income and provide cash to​ do some things that they might otherwise not be able to​ afford to​ do. Typically,​ the​ personal quality of​ life is​ the​ number one reason people get reverse mortgages.
2. Pay hospital or​ medical bills For many older Americans and retiree’s medical issues are an increasing reality in​ their daily lives. With the​ ever rising cost of​ healthcare,​ this can put tremendous demands on​ a​ fixed income. Ongoing medical treatments,​ prescription ​Drug​ regimens,​ or​ a​ large onetime possibly unforeseen medical bill are all top reasons that people get reverse mortgages.
3. Improve or​ modify a​ home While this may not be an expansion of​ the​ home,​ the​ early part of​ retirement is​ a​ great time to​ repurpose your house to​ accommodate the​ way you​ will be living for the​ next ten,​ twenty,​ thirty years and on. Maybe it’s time to​ expand the​ kitchen,​ widen the​ hallways or​ remove some steps,​ or​ exchange the​ old pool in​ the​ backyard for a​ beautifully landscaped garden. as​ we get older,​ a​ top reason people get reverse mortgages is​ to​ outfit their house for their new lifestyle.
4. Dream vacation anyone? What better time to​ just get away than when your working days are behind you​ and the​ weather turns a​ bit gloomy? Proceeds from a​ reverse mortgage have allowed many homeowners to​ take that vacation they’ve always dreamed about,​ but never had the​ time or​ resources to​ take. Bon voyage!
5. Pay off high interest rate or​ problematic debts With the​ large amount of​ debt that the​ American consumer accumulates over a​ lifetime,​ it​ should be no surprise that this is​ a​ top reason people get reverse mortgages. Whether its high interest rate credit cards,​ a​ relative’s student loan debt,​ or​ even a​ potential foreclosure that must be dealt with,​ reverse mortgages can be a​ very effective way to​ get a​ large sum of​ cash to​ manage other debts.
These are the​ top 5 reasons people get reverse mortgages once you’ve made a​ decision to​ move forward with a​ reverse mortgage,​ send us your top reasons and we’ll add them to​ the​ list!

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