3 Ways That a Reverse Mortgage Can Transform Your Retirement


Are you a retired individual looking for ways to increase your financial security? If so, you may have heard of a home equity conversion mortgage, more commonly known as a reverse mortgage. Used correctly, this is one of the most effective financial products for retirees who own their home. Let’s explore three ways that a reverse mortgage can help to transform an uncertain retirement into one filled with excitement.  

It’s All About Flexibility 

The primary benefit of a reverse mortgage is financial flexibility. A reverse mortgage can be an excellent way to tap into accrued home equity without having to sell the house and move. Moreover, unlike a traditional home loan, the payment terms are far more flexible. In many cases, payments are not required until you are ready to leave the home permanently.  

An Extra Source Of Income 

Are you experiencing a change in lifestyle due to no longer receiving a steady salary? Regardless of how much you have saved in your retirement accounts, the lack of previously experienced cash flow can have a big impact. The good news: a reverse mortgage can help. Think of it like this: instead of paying your mortgage every month – your mortgage pays you! The funds you receive can be used however you want. You can consider renovations for your home, take a nice vacation, invest in the stock market or simply leave the money in your bank account. It is a helpful ‘bridge’ income source that will ensure that you have no trouble taking care of life’s many expenses.   

A Contingency Fund, Just ‘In Case’

Finally, a reverse mortgage, or home equity conversion mortgage, can be an excellent contingency fund. If you take this out as a line of credit, the money will be available if it is needed. Many retired individuals lack a financial ‘safety net’ yet may experience unexpected health emergencies or other costs. With a reverse mortgage, you can sleep soundly knowing that cash is there if needed.  As you can see, reversing your mortgage can be the catalyst that helps take your retirement to the next level. To learn more about these unique financial products, contact our professional mortgage team today. We are happy to share how a reverse mortgage can benefit you and your family.

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of AmeriFirst Financial Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.

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Disclaimer


Spire Financial, a division of AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS # 145368). 303-595-0110. © 2022. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. AmeriFirst Financial, Inc. is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development or the Federal Housing Administration. Not intended for legal or financial advice. Visit https://amerifirstloan.com/pages/state-licensing for all state licenses information. Visit NMLS Consumer Access at https://www.nmlsconsumeraccess.org/

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