YOU MAY WANT TO CONSIDER A REVERSE MORTGAGE.

Outliving your savings is a big concern for those retiring now. Delaying taking social security until age 70 makes sense for retirees with a long life expectancy. However, it won't be enough to fill the retirement income shortage if withdrawals from savings drop to zero.
According to a February 2021 research report by the National Institute on Retirement Security, 56 percent of respondents said they are concerned about achieving a financially secure retirement. Retirees in this gap often have too much money to qualify for government assistance programs, yet not enough money to be able to cover their essential needs sustainably and with dignity.
When savings, social security, or pensions are not enough, a HECM credit line or a reverse mortgage can be useful. It's the ideal vehicle for insuring against the risk of outliving your money and helping you live a good quality of life.
What is a Reverse Mortgage?
A reverse mortgage, also known as a Home Equity Conversion Loan (HECM), is a loan available to homeowners 62 years or older that allows you to convert part of the equity in your home into cash without having to sell the home. In addition, no monthly mortgage payments are required.
Who Can Benefit?
There is a common misperception that a reverse mortgage is only for people who cannot afford their mortgage payment or monthly expenses. The truth is, a HECM, or a reverse mortgage, is for anyone that wants to utilize this program either for imminent financial needs, or to have access to funds for future healthcare or any other unexpected life expense.
“The ‘circle of concern’ cannot be limited to impoverished older adults. A large proportion of every state’s independent older adults lack incomes that would allow them to escape the threat of poverty, remain independent, and age in their own homes.”
— “Living Below the Line: Economic Insecurity and Older Americans, Insecurity in the States 2019,” a 2019 report from the Gerontology Institute at the University of Massachusetts Boston.
How Does It Work?
There are two types of HECM loans, a variable line of credit and a fixed-rate mortgage. The line of credit is the most popular type of HECM since borrowers can qualify for a much larger amount and access additional funds in the future if there is enough equity.
The lender calculates the amount a borrower can qualify for based on the age of the youngest borrower and the amount of equity in the home. If there is an existing loan on the property, that loan would be paid off, and the mortgage payment would be eliminated. If the total line of credit amount exceeds the mortgage is paid off (or if the house is owned outright), a portion of that amount can either be taken as a ‘lump sum’ at closing, converted into a monthly income stream, or simply remain available for future withdrawals.
Who Can Qualify?
The qualifications for a reverse mortgage are simple:
Either you or your spouse must be 62 years or older
You must live in the property
You must meet the minimum equity, credit, and income requirements as determined by the lender
How Can I Use the Money?
You can use the money for anything you like, such as supplementing your income, paying for health care expenses, paying off debt, improving your home, traveling, or just enjoying more discretionary income.

Live Better Financial Is Here To Help
Live Better Financial specializes in HECM reverse mortgages and can provide valuable guidance and support for those interested in exploring this solution.
The Live Better Financial team of experts can help you determine if a HECM reverse mortgage is the right choice for you based on your unique financial situation and goals. They can also provide guidance on utilizing the credit line best to meet your specific needs, whether for home repairs, medical expenses, or to protect against the risk of outliving your savings.
In addition to their expertise, Live Better Financial also offers a level of transparency and accountability that is unmatched in the industry. They employ a zero-pressure approach designed first to educate people and then guide them through the reverse mortgage process from start to finish.
So, if you're a homeowner who wants to be better prepared for unexpected expenses or to protect against the risk of outliving your savings, consider exploring the option of a HECM reverse mortgage with Live Better Financial. With their expertise and support, you can live better and worry less.
Visit www.livebetterfinancial.com today to learn more or click the button to set up a free 30-minute consultation.
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