Long ago Reverse Mortgages were thought to be the loan of last resort. The loan to take out right before you made the call to the kids. That is no longer the case. Matter of fact, those people do not qualify for today’s reverse mortgage.

Now more than ever the “Mass Affluent”, those with homes up to $10 million in value, are tapping into their home’s equity for many reasons some include:

  • Avoid selling investments at a loss in a “down” market or to avoid selling investments in a “HOT” market. Allows you to keep more money in the market

  • Using home equity and deferring social security to later years

  • Using Home Equity to fund Taxes for Roth Conversions

  • Establish a “stand-by” line of credit that you can tap as needed for unexpected spending needs. Unlike a traditional Home Equity Line of Credit (HELOC), a reverse mortgage line of credit cannot be reduced or revoked, as long as the terms of the loan are met. And the unused line of credit grows over time.

  • Supplement retirement income with tax-free* funds

  • Pay for medical or long-term care costs

  • Providing Larger Inheritances for Heirs

  • Minimal Credit requirements

  • No Mortgage payments as long as the homeowner lives in the home

These are a lot of reasons to utilize a reverse jumbo mortgage.

Implementing a reverse mortgage in the beginning and coordinating the use throughout retirement with your advisor can save retirees over $250,000, even $500,000 in unnecessary expenses or losses.

Not only that but the qualification age has been reduced to age 55. So many more early retirees can qualify for a reverse mortgage.

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