The average senior is unaware of their options and the power of a reverse mortgage because of misinformation. Based on a survey by the Employee Benefit Research Institute, 21% of Americans believe they will retire comfortably. Only 48% of workers made an attempt to discover how much they need to save for retirement. The other percentage of respondents plan to figure out a plan on their own without getting professional support.
Accessing the equity in your home can create a positive change in your retirement especially if it is your only option. Most homeowners that are between the age of 64 and 74 years old have $150,000 of equity in their house. 56 per cent of respondents are considering the idea of using this money for their retirement.
Additionally, only 14% thought about applying for a reverse mortgage, and 64% plan to find out more about accessing their equity for their future. Furthermore, 58 per cent plan to live in their homes for 20 years or more making a reverse mortgage the perfect option.
What is a Reverse Mortgage?
A reverse mortgage is a loan that is based on your existing equity that gives you the opportunity to borrow against your home with repayments that begin when you pass away. Applicants have to be at least 62 years of age or older to qualify and the home has to be your primary residence.
Applicants will need to demonstrate their ability to maintain property taxes, home insurance and personal expenses. Having a good credit score and an established income are not a part of the loan application process.
As a customer, you have options for payout and the 3 most common are a lump sum payout, a monthly payout and a line of credit option. Ask a reputable reverse mortgage company in Texas about the option of a combined payment if interested.
Texas Senior Lending has advisors that are available to talk with you about your short and long term retirement needs. Apply today with a reverse mortgage lender in Texas that is experienced, reliable and knowledgeable. Call us at 1-888-638-5040 and visit www.texasseniorlending.com for more information.
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