The Last Day of the Month

What I was told about retirement when I was young was that it was a time in which you were able to get out of the "rat race", slow down the pace of life, and start really enjoying life. Since I began consulting on reverse mortgages I realized how incorrect that was. Yes you do leave the daily grind of a job, but the bills still come in like you were fully employed. The seniors I talk to today are concerned about one thing....making the money last the rest of their life.

If you don't plan for retirement, you are met with some hard choices. If your monthly income from interest, social security, and any pension you may receive does not meet your monthly bills, you are headed for a crisis in the future.

The last couple of blogs have been about how good reverse mortgages are for those who own their homes and are not facing a crisis, but since this is the last day of the month, and people are going to begin seeing a whole new set of bills, it is time to talk about avoiding a crisis.

The hardest part about working with seniors and reverse mortgages is when you meet with a person who has waited too long, and is already out of equity and savings. Its heartbreaking not to be able to help them. Lets hope this blog reaches people who are headed for that crisis, but are still years away from losing everything.

A reverse mortgage accomplishes a couple of things that prevent the crisis.

1) If you have a current mortgage payment, a reverse mortgage gets rid of that.

2) If you have taken an equity loan that was on an adjustable rate, and is now jumping in interest payments, a reverse mortgage gets rid of that.

3) If you need cash, a reverse mortgage gives you a tenure monthly income that will be paid to you for the rest of your life, regardless of the value of your home. Plus you still retain ownership (title) to your home. Plus you get to stay in your home for the rest of your life.

There is a time to worry about your estate and what you can leave your children. There is also a time to start worrying about yourself. Ironically enough, those who try to solve the problem without a reverse mortgage often end up losing the house and are forced to move in with their children.

No matter what you have heard about reverse mortgages, you are only hurting yourself if you do not have a reverse mortgage consultant provide you with the numbers. (The numbers are the calculations of what you would receive in a payout, a tenure monthly payment, or a credit line on your home with a reverse mortgage.)

Bob

bob@az62.com

www.az62.com

888-277-4990