Reverse Mortgage Benefits

 

Reduce Debt

1)  Decrease monthly expenses by paying off your forward mortgage.
2)  Reduce or eliminate existing credit card debt and avoid incurring new debt.

Pay Expenses

3)  Pay routine monthly expenses.
4)  Cover unexpected expenses, emergencies, or costs incurred during a life transition without dipping into savings or other assets.

Build Income, Cash and Credit

5)  Maintain a line of credit that can be used as needed.
6)  Build a cash reserve that will sustain you through investment market fluctuations and give you the flexibility needed to weather market trends.
7)  Replace your salary and generate new income by combining life tenure payments with Social Security and income generated by assets.
8)  Avoid monthly mortgage payments when you buy a new home by combining the proceeds of a reverse mortgage with the sale of another home.

Medical and Insurance

9)  Pay health insurance premiums during early retirement years.
10)  Pay for Medicare Part B and Part D upon becoming eligible at age 65.
11)  Cover long-term care, short-term in-home care, or physical therapy expenses incurred as the result of an injury or illness.

Taxes, Assets, Property

12)  Establish a special account for paying real estate taxes and property insurance.
13)  Retain other investments and assets and benefit from their continued growth.
14)  Avoid the pitfalls of selling your assets, including capital gains tax and potentially diminished values.
15)  Delay collecting Social Security benefit until age 70 when it reaches its maximum value.

Retirement Costs

16)  Cover the costs associated with a retirement plan, estate plan, or will.
17)  Supplement your retirement plan in the event of low returns on investments.

Home Improvements

18)  Remodel or update your home and replace aging appliances or furniture.
19)  Install health-related technologies and make home repairs and improvements that will enable you to live at home alone longer.
20)  Convert a room in your home to living space for an aging parent or caregiver.
21)  Install solar panels, a tankless water heater or new windows to make your home more energy efficient.

Transportation

22)  Repair or replace your vehicle to ensure you have safe and reliable transportation.
23)  Pay for alternative transportation options once you are no longer comfortable driving in order to ensure mobility and access to appointments and social engagements.

Help Others

24)  Contribute to education costs for your children or grandchildren.
25)  Assist your adult children in family emergencies or other crises.

 

Please call Bob or Debbie today toll free number 972-388-3338 for your no obligation consultation and let us answer your specific questions about how we can be of service to you regarding a Texas Reverse Mortgage.