Most of us have heard of a Reverse Mortgage but could you explain it to someone if asked? This is a quick and easy way to understand the basics of a reverse mortgage and why you may want to consider it for zero-risk financial benefits. Having cash access using this particular method on your home is pretty simple, and does not require monthly mortgage payments… and even if your house were not to appreciate in value over time, the reverse mortgage is insured by the FHA who would eat the loss if any by the time you or your estate sells the home. Read HERE to see an example!
One more important note to keep in mind: “Sequencing of Distributions” looks at the order in which you take distributions from your retirement account. This matters because the order in which you take distributions has a very significant impact on how long your retirement assets will last. A reverse mortgage line of credit can be used to supplement your income in the years where you take a reduced distribution from your retirement account. This could preserve your assets for a longer period of time, and give you more flexibility as the market fluctuates. Read more HERE.
If you want an expert to help you find a reverse mortgage specialist for yourself, contact Jaad Nicholas below:
Jaad G. Nicholas CMPS
Senior Mortgage Banker
Ameris Bank Mortgage Services