Q. My house is paid for and my monthly income is good. Why would I want or need a REVERSE MORTGAGE?
A. There are many reasons senior homeowners get a REVERSE MORTGAGE, such as: setting up trust accounts, buying insurance or health care services, increasing investment portfolios, remodeling, traveling, or simply to have cash on-hand for quick access.
A REVERSE MORTGAGE is also a powerful retirement tool. Homesafe has a variety of examples that help seniors prolong and preserve their retirement savings including saving in taxes over a 10 year period. Using a tax free REVERSE MORTGAGE with your qualified retirement accounts (401k, IRA, etc.) creates synergy. Meaning you get more out of each account than you could if you used them separately. The tax saving`s example uses the proceeds from a tax free REVERSE MORTGAGE and smaller distributions from qualified accounts to reduce taxes and preserve and prolong retirement accounts.
Q. Are there any other reasons why I should consider a REVERSE MORTGAGE now even if we are able to get by on our current cash flow?
A. Yes, additional HomeSafe examples include both Quick Funding Retirement and Creating Supplemental Income. HomeSafe`s Quick Funding Retirement example can radically increase your retirement savings in just a few short years. Normally this would take a lifetime but using a REVERSE MORTGAGE you can get caught up and get fully funded quickly. This is a safe, tried and true strategy that has proven to be tremendously successful.
A REVERSE MORTGAGE can also create supplemental income after the loss of a loved one. Most people forget that when one of them passes away, the other spouse will lose a significant amount of cash flow due to loss of one of the social security incomes (and possibly other pensions and income sources). Our work book will help you preview your income as a widow/widower.