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