RETHINKING THE REVERSE MORTGAGE
Powerful home-purchase solution
I first discovered the real value of a reverse mortgage about twelve years ago, when a couple came to my office after being evicted from their home. Their income was limited, but they had managed to save some money. Using a reverse mortgage, we helped them purchase a $350,000 home in Pittsburgh. That experience reshaped my thinking. I realized that a reverse mortgage can be a powerful home-purchase solution, not just a retirement tool.
Right-sizing and financial security
More recently, an article in the San Francisco Chronicle described homeowners who wanted to “right-size”—selling larger homes and buying smaller, more manageable ones. By using a reverse mortgage for the purchase, these clients were able to reduce their monthly obligations while still keeping cash in the bank.
Reverse mortgages can also play an important role in long-term financial security. Unlike conventional lines of credit, a reverse mortgage line of credit remains available for life. It can be used—or repaid—at any time, and it does not depend on employment status or future income.
Reverse mortgage is worth considering
Just last week, we had a presentation from Pete Kulis of Mutual of Omaha, a company that specializes in reverse mortgages. A portion of Pete’s presentation is available on my YouTube Channel at the link below.
https://www.youtube.com/watch?v=NFc91y0-BPI
Whether you are right-sizing, purchasing a new home, or creating a long-term financial safety net, a reverse mortgage may be worth considering.
For more information, call Manny Kagan at 415-225-7920
