Q: What do most Americans cite as their #1 fear during retirement?
A: Running out of money.
If you are living in a primary residence, plan to stay a minimum of 18 months and have paid your mortgage and creditors on time for the last two years, you might want to consider a Reverse Mortgage.
A reverse mortgage can help homeowners at least 62 years old age-in-place, maintain independence, retain home title ownership, gain access to home equity that earns compound interest tax-free (and is non-taxable when drawn on) or double their purchasing power to get a newer home.
They enable older Americans to borrow against the equity in their homes to help fund retirement needs without having to make PI monthly payments as required with traditional "forward" mortgage or home equity loans. Funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells, refinances or passes away.
A reverse mortgage was a "win" for many local Coloradan clients of Kevin Guttman's, including: