The summer home or a rental home.
Once again I would like to open your minds a little to the possibilities with a reverse mortgage.
The concept of a reverse mortgage as simply a negative amortization loan on a senior citizen’s home is a very narrow mindset. At 62 years of age I hope to still be seeking out additional sources of income as well as a better life for my family and me.
A reverse mortgage is a way to make sure that my home is safe and sound, and tied to me at the hip for the rest of my life. Now that I have accomplished that, lets see what I can do with the equity that I have unlocked.
I can leave it in the credit line to insure growth in the value of my home….OR….I can use it to meet my goals. If I find that perfect vacation property on sale, and the price is less than my credit line, I just might pay cash for it. That way I have two homes, both locked to me for life (no mortgage payments), and my lifestyle has just improved dramatically.
If I am still worried about generating more monthly income, I might look for a local rental property instead of the vacation home. This way I would have two homes, with no mortgage payments, and a rental income.
Better yet, why not get the best of both worlds. I just might find that vacation home in a great location, and start renting it out on a weekly basis to vacationing families. That way I would have two homes, no mortgage payments, vacation property rental income and a couple of weeks of the vacation property set aside for our family.
Life is great.
Bob
bob@az62.com
www.az62.com
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