5 Ways A Reverse Mortgage Can Ease Retirement

5 Ways a Reverse Mortgage Can Ease Retirement

Looking for ideas on how using a Reverse Mortgage can help your potential clients in retirement? Jack Guttentag, Professor of Finance Emeritus, recently outlined five ways a borrower can ease retirement by utilizing a Reverse Mortgage:

1. Use a HECM to pay off an existing mortgage to remove a monthly payment. Depending on balance size, the current mortgage may be paid off by a Reverse Mortgage, which has no payments.

2. Use a HECM Term Payment to delay taking social security. Delaying collecting social security until age 70 is a great strategy for most seniors. Delaying social security claim increases monthly payment significantly.

3. Increase monthly income. Using a tenure payment, which is a monthly payment for as long as the borrower resides in the property. Payment varies on age, equity and interest rates.

4. Use a HECM Line of Credit to supplement retirement portfolio. HECM Line of Credit grows over time. Borrower can access the HECM LOC if retirement funds runs out.

5. Downsize and purchase a house using a HECM.

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