If you want to secure a financially comfortable retirement, an HECM for purchase reverse mortgage gives you a solid solution. Read on for five reasons to go for it.
1. You want to enjoy your retirement.
If you’ve got a home, that home can help you live out your retirement years with a measure of the financial freedom you’ve always wanted. If you don’t want to end up making ends meet or find yourself scrambling around to pay for your property taxes, taking a reverse mortgage on your home allows you to get the funds you need to cover those expenses.
2. You don’t have heirs.
With HECMs, you typically leave fewer assets for your heirs. If you don’t have one, though, then you can go for a reverse mortgage without sleeping over the thought of leaving zero legacies behind for your heirs.
3. You’ve got emergency repairs.
You can basically use the money you get from your reverse mortgage in any way you want or need. So, if your roof caved in the last storm, then this should give you the funds you need to spring for a new roof or repair the old one.
4. You’ve got medical bills.
Even with your Medicare benefits, medicines, hospital stays and treatment costs can go over your healthcare coverage. With the monthly payments you get from your HECM, you can supplement your income to make ends meet.
5. You want to boost your financial security.
Living on a fixed rate income can be tough. What’s the point of living out your retirement years if you can’t do what you want? With an HECM, you can improve your income and have more funds to spend on whatever you like.
So, if you want to secure a financially sound future for you, wisely consider the pros and cons of a reverse mortgage.