Can Housing Prop Up The Retirement Stool?
According to the June edition of the Housing Scorecard, a healthy housing recovery is well underway.
The signs of a rebound are clear in the winning combination of:
- Double-digit gains in home sales
- Declining number of foreclosures
- Strong growth in home equity
Purchases of new homes are at their highest level since May 2008 and home sales were up by 16.9% across the board compared to May 2013.
The number of foreclosures getting underway was at their lowest levels since December 2005.
The Federal Reserve now adds more positivity into the mix with the news that US homeowners have more than $10.8 trillion in home equity.
It’s a comfort and security to know that you are sat in serious equity levels that are growing by the day. This is the reward for making the right decision and investing in your property.
However, this comfort does little for your day-to-day living costs when things get tight, expenses come up or you simply want to spend some hard earned money on yourself and your family.
It’s for this reason that there have been major advancements in products that help you to release this equity from your home.
Recent changes and new guidelines to the government insured ‘Reverse Mortgage’ program have made it easier for homeowners to safely access the cash tied up in their home.
Branded the ‘New Reverse Mortgage’, the program now carries additional safety features that help you with the money you require now and preserve your equity for a longer period of time.
Like a regular mortgage, you keep ownership of your home and your name remains on the title. Unlike a regular mortgage there are no monthly mortgage payments to make. You are free to spend the money as you wish and you will never owe more than the value of your property.
Retirees are getting creative in how they spend the money they release. The theme is usually around planning for the future through:
- Clearing a mortgage and eliminating monthly payments – freeing up more money to spend on the things that matter to you
- Helping loved ones with an ‘early inheritance’ by gifting money for weddings, property, tuition and starting a new family.
- Making retirement savings last longer and supplementing income
- Delaying the receipt of Social Security benefits so there is more to access when you finally do
- Avoiding badly timed sales of other investments.
As the Great Depression has hit Social Security benefits, pensions and personal savings, there needs to a better way to achieve your retirement plan.
To find out if you are eligible for this new government insured program, use the calculator below. Or call 1-800-792-1936 or visit Responsible Reverse Mortgage www.responsiblereverse.com
We’ll also send you our free ‘Guide To New Reverse Mortgages’ for you to read at leisure.
The guide is made up of 12 pages of tell-all information including definitions, examples, case studies, advantages, disadvantages and next steps.