What Every Family Should Know About Reverse Mortgages
The older we get, the more life becomes about having difficult conversations—about health, finances, end-of-life decisions, and the legacy to be left for future generations. Often, one of these emotional discussions is about the family home. Will mom and dad be able to continue living there? Do they have enough saved for a comfortable, safe and secure retirement? What is the strategy for financing long-term care? Can you afford to help out without impacting your own finances? Home equity is the largest store of savings for most households entering retirement, yet it’s typically an underutilized retirement asset. 1 So what’s the best way to leverage home equity to be better financially prepared in retirement?
We created this guide to help families better understand how reverse mortgages work, and the role they can play in smart financial planning strategies for not only older homeowners, but also their adult children. It also addresses common questions and concerns that adult children have as they assist their parents in the decision-making process.
HHHHH “ We are so thankful we did a reverse mortgage. It is a relief to knowwe have money available for any unexpected bills or to use ‘just because’. ” —Diane C., via Trustpilot
Questions? Contact your local Reverse Mortgage Funding Loan Specialist today or call 800.214.1265
1 Steven A. Sass, “Is Home Equity an Underutilized Retirement Asset?”, Center for Retirement Research at Boston College, March 2017, Number 17-6.
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