If you are a senior homeowner, you can use a reverse mortgage to supplement retirement income.
This product offers many exciting benefits, and can help you to achieve more of your life goals while maintaining stable, flexible finances.
What is a Reverse Mortgage?
A reverse mortgage is a product for borrowing against your home equity. To qualify, at least one borrower needs to be 62 or older. The supplement to your income the reverse mortgage makes available can be used any way you wish.
Discover Financial Freedom
You are unrestricted with how you use the cash you receive through a reverse mortgage. Here are some ways you could use the funds:
- Make home repairs.
- Upgrade your home.
- Renovate your home.
- Make a down payment on a second home.
- Repair a vehicle.
- Make a down payment on a second vehicle.
- Pay off high-interest debts.
- Pay off medical debts.
- Return to school.
- Pay educational costs for a family member.
- Start a business.
- Create an emergency fund.
- Add to your savings.
- Increase your financial flexibility each month.
- Keep up with ongoing expenses.
- Take a trip.
This is far from a full list of all the ways you can use the supplement to your income that a reverse mortgage provides. If you come up with another idea that is not on this list, you can do it.
Benefits of Missouri Reverse Mortgages
These advantages make reverse mortgages some of the most ideal loan products for senior homeowners:
- Stay in your home for as long as you want. For this to apply, you need to continue to pay on your mortgage as well as keep up with home maintenance costs, property taxes and homeowner’s insurance.
- You can choose whether you want the payments to be disbursed to you in a lump sum, in instalments, or through a line of credit.
- You can choose exactly what you want to do with the supplements to your income.
- During retirement, many people are on a fixed income. It can be difficult to find ways to increase your cash flow, but a reverse mortgage makes it possible.
- You do not need to make any payments on the loan until a maturity event takes place. Selling the property would constitute one example. Another example of a maturity event would be the death of the last borrower.
- However you plan to spend the funds from the reverse mortgage, you will have an increase in financial flexibility and peace of mind.
Do You Qualify for a Reverse Mortgage?
You may qualify for a reverse mortgage if:
- At least one borrower on the mortgage is age 62 or older.
- You are current on all maintenance payments for your home.
- You meet the minimum threshold for equity in your primary residence.
- You pass an assessment of your credit score, income, and tax history.
Apply Now for a Reverse Mortgage in Kansas City or Beyond
If you are ready to find out whether you qualify for a reverse mortgage in Kansas City or beyond, please call us today at (816) 631-9687 to schedule your consultation. We help senior homeowners in Kansas City and throughout Missouri to increase their cash flows during retirement.