March 9, 2010
Reverse your fortunes
Retirement is a time of life that many of us aspire to, yet we don’t all have the same savings and retirement funds to carry us through this stage of our life.
You have worked hard all your lives and what do you have to show for it?
You have children or grandchildren that you would like to help, yet you are worried that your fixed income will not allow the opportunity to do so.
Many people have difficulty seeing the forest for the trees. There are your standard retirement incomes which you have prepared for all your adult life, but there is one savings which most of you have not considered. You own a home free and clear of any mortgage, why not make your home equity work for you.
If you are a senior over 60 you are able to take up to 40% equity out of your home by way of a Reverse Mortgage without having to pay anything back until you sell your home.
You have a property whose value has appreciated over the years. A home which you bought years ago for only $100000.00 may today be worth over $500000.00. Your home is a savings account you may never have considered. All those payments you made to pay off your mortgage rather than paying rent was actually the best savings account you could have set up.
A home with a value of $500000.00 is worth approx $200000.00 in equity which you can take out. This can help you with your regular monthly expenses, allow you to take a trip of a lifetime, or simply help you spoil your children and grandchildren.
The possibilities are endless.
The old saying goes as follows “You can’t take it with you” so why not enjoy it while you are alive. Would you not rather, live life comfortably, and have the ability leave some money to your family while you can enjoy seeing them benefit from your gift?