How Prepared for Retirement Are You?
The stock market is surging and real estate prices are soaring. Perhaps you’ve made some money in these markets and you’re thinking about retiring. But you’re asking yourself if you’ve prepared well enough.
In my experience as a loan officer for a reverse mortgage lender, this is a concern that’s shared by everyone with whom I meet.
- Did I put away enough to retire comfortably?
- Will I be prepared for unexpected expenses?
- If the market takes a turn, will my retirement portfolio still be enough?
- What if my health declines and I’m hospitalized? What would I do?
Many overlook the equity they’ve built up in their homes
One of the best ways to prepare for retirement surprises many. Alongside saving funds and investing in the stock market, people tend to overlook the equity they’ve built up in their own homes. For many Americans, their homes are by far the largest assets they have. This untapped equity can bring the peace of mind they didn’t think possible.
With a reverse mortgage, you can unlock a portion of your home’s value into tax-free cash. But if you do not need to access the money that comes available, then don’t.
Consider a reverse mortgage line of credit option
The reverse mortgage program features a line of credit. The more you leave readily available in a line of credit, the quicker it will grow. Credit lines associated with reverse mortgages have a growth factor. As time progresses, so will the amount of accessible funds.
Savvy borrowers love utilizing this benefit to hedge any future uncertainty regarding other retirement instruments. (401k, IRAs, real estate holdings, etc.) This product does not require a monthly payment and is federally insured.