Retirement is one of the milestones most looked forward to in life. Work is done and free time reigns. Maybe you’ve always wanted to travel Europe, or take up sailing, or just live closer to your children and grandchildren, but money is tighter now. For many, a Home Equity Conversion Mortgage (HECM) is a great way to increase your cash and accomplish your bucket list in your retirement years. Here are five unexpected ways a HECM could improve your quality of life.
The retirement age keeps getting pushed back, making it harder for many to maintain their lifestyle without a full-time income. You could utilize a HECM to bridge the gap between when you want to retire and when your full retirement benefits kick in at age 65 or 66.
Buy a Boat, Sports Car or Travel
Your retirement plans are secure. Maybe it is time to do some of those things you have always wanted to do. Why not? A HECM could help fund that little red convertible you’ve always been too sensible to buy. If you’ve spent years dreaming of sailing, there is no better time to take it up. Buy a small boat and take some lessons. Always wanted to travel Europe? Nothing is stopping you now.
Replace Your Mortgage and the Mortgage Payments with a Mortgage Without Monthly Payments
Which mortgage works best in retirement? Of course, you still need to pay your other housing expenses, taxes, insurance etc. But using the equity built up in your home will free up a large chunk of your regular monthly income for other expenses. Going into retirement without a large mortgage payment eating at your new limited income will help you afford to be able to buy and do more of what you want with your money. Conversely, maybe you want to be closer to your family and purchase a smaller home. With a reverse mortgage, you can do just that and have some extra spending money for your golden years with your loved ones.
Hire Out the Work
Maybe you’ve maintained your lawn or house or pool your whole life to save on the expense of hiring someone else to do it. Now you can take back your time and hire a service to manage the day-to-day upkeep. Sit back, relax and let someone else do all the work for a change.
Remodel Your House
Many retirees want to stay in their home as long as possible, but accessibility needs can change over time. A HECM could help pay for a remodel, such as making doorways wheelchair accessible or putting in a soaking tub for arthritis. It could also pay for small-ticket items, like handle grips in the bathrooms or ramps instead of steps, or more expensive upgrades, like installing a lift in a two story house.
To find out more about how a Reverse Mortgage can work for you call Melinda Hipp , CRMP with Open Mortgage at 210-493-7332, email at email@example.com or visit texasreverse.net to learn more.
More about Melinda Hipp and Open Mortgage -
Melinda Hipp is Branch Manager with Open Mortgage|San Antonio and specializes in working with senior homeowners 62 and over who would like to access the equity in their home through a Reverse Mortgage. She has handled hundreds of satisfied Reverse Mortgage clients over the past ten years with many raving fans. She and her team are dedicated to giving you boutique service, a quick closing and personalized customer service.
Melinda regularly provides training to local real estate professionals and holds the designation of MBA, CRMP (Certified Reverse Mortgage Professional) and CMC (Certified Mortgage Coach.) Melinda is also an active member of NRMLA (National Reverse Mortgage Lender’s Association). An avid golfer, Melinda was a charter member of the San Antonio Chapter of the Executive Women’s Golf Association. She is currently a member of the National Reverse Mortgage Lender’s Association, Women’s Council of Realtors, San Antonio Board of Realtors, CRS and a board member of Golf San Antonio.
Melinda Hipp, CRMP | NMLS #219085
1870 W. Bitters Rd., Ste. 202
San Antonio, TX 78248
Toll Free: 844-265-5513