Tuesday, April 2, 2013

Checking Into A Reverse Mortgage

I have an idea about my retirement. We are paying off our house and will have it paid off in time for my retirement. My plan is to do one of two things, part of this depends on my health. I may sell my house and take the put the proceeds towards my retirement. Then I will move into an apartment and pay for it on monthly terms. My wife may agree with this or she may decide on an california reverse mortgage where they pay us to live in our own home. My wife and I have been discussing this recently to figure out what we plan to do. My wife is an accountant and she is good with figures. She tells me a reverse mortgage is a good deal. If we are both in good health when we retire, this option would be a great idea for us. 

A reverse mortgage can help you pay for your bills and live a better life. This is especially helpful if you don't have enough money from your own retirement plan. You are paid a monthly amount of money to live in your own house. A reverse mortgage is a way you can have your house work for you. The bank will pay you a monthly fee that will help you deal with the rising costs in our economy. You paid all of those mortgage payments over the years and now you can use your house to finance the rest of your life. 

We haven't decided what we will do yet. There are advantages and disadvantages  with a reverse mortgage.  You have to live in the home and cannot rent it out as a vacation home. The expenses of a reverse mortgage can be higher than refinancing in some ways, so you need to decide what is best for you. If you are interested in a reverse mortgage, there are experts that will help you understand every aspect of the reverse mortgage. My wife and I have quite a few years before we have to decide. We just like to think ahead and see what will be best for us. The best thing about a reverse mortgage is it is always an option when you are planning your retirement. If you need some extra cash to help you pay your bills, the reverse mortgage can help you along your way.

This is a sponsored post however, all the points and views are my own.

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