Many seniors turn to reverse mortgages for supplemental income because the cost of living continues to increase. Many seniors are having a tough time keeping up with expenses as pensions are starting to get cut and social security income is not increasing as fast as it should.Many seniors are now having to turn to other options to keep up with their daily living expenses. And if you own your home free and clear or even if you have a mortgage left on it, but would like to get rid of that monthly mortgage payment then a reverse mortgage might be the answer to your future financial plans.
If you own your home free and clear, you can use the equity from the property as income for as long as you use it as your primary residence. Even if you are 62 years old currently and live to be 120 years old, as long as you maintain that property as your primary residence then you can draw a monthly income from it. For example, if you are 70 years old and your home is worth $250,000 and you have no mortgage on it you could be receiving roughly $900 a month in additional income that is tax-free. You have worked hard all your life to pay off your home, now let your home work for you in your retirement years.
Another example, let’s say you are once again 70 years old and you owe roughly $140,000 on your mortgage and the value of your property is $250,000, then utilizing a reverse mortgage can stop your monthly mortgage payments.
There are many different ways seniors are using a reverse mortgage to their advantage, these are just a few examples that some have used.
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Seniors Turn to Reverse Mortgages for Supplemental Income
![Seniors Turn to Reverse Mortgages for Supplemental Income]()
Reviewed by Merlyn Rosell
Published :
Rating : 4.5
Published :
Rating : 4.5