The Last Resort, A Reverse Mortgage!

Unfortunately, many seniors today view a reverse mortgage as the last resort instead of thinking of the possibilities new income or additional income brings to them. As an example if we consider the senior who is age 62, and is about to file for Social Security, should they delay the Social Security?

Where would a reverse mortgage come into play regarding Filing for your Social Security?

What about the senior who has investments that is considering drawing on those investments which will subsequently be taxable ordinary income? Should the senior tap into those investments at age 62? Should they allow them to grow further?

What's important is for people to consider the big picture. The senior must determine if additional income or using the equity in their home at this stage in their life will produce a result that will be beneficial in the long run.

In the examples about the delay in Social Security, would it inevitably, increase their benefit? Assuming the senior lives longer and healthier lifestyle that benefit and social security could pay significant dividends.

Based on today's standards if a senior delays taking Social Security until age 70, they can get approximately 32% more then their standard benefit at 65. So, if we consider using a reverse mortgage as a tool to increase your long term income or allow your assets to grow or deferred taxes longer then the reverse mortgage becomes more of a tool then a band aid.

Many seniors get tapped out of cash simply because of poor planning. Some due to unforeseen medical expenses. While others simply struggle to make ends meet due to the inflationary pressures of today's world.  Whatever the reasoning a reverse mortgage can be looked at more as a strategic instrument, then a instrument of last resort or something a poor person would execute due to lack of funds.

In Florida, reverse mortgages continue to flourish due to the high population of senior citizens. Florida's weather is clearly the reason the senior demographics are significantly higher than most other states. Add to that, the rising prices of homes  and this has allowed for seniors to execute more reverse mortgages in Florida, then in the past.

Useful Article Related to- New Reverse Mortgage Qualifications Are Coming.

So, is a reverse mortgage right for you?  What's most important is to analyze your individual picture, your future needs, and exactly how much income you need to live the lifestyle you would want in your golden years.

For more information about reverse mortgages or do you have a free confidential conversation, please visit www.Sarasotareverse.com