Get a Reverse Mortgage in Retirement or a Part-Time Job?
Soaring costs during retirement often requires additional income to make ends meet.
Whether it’s your costs for housing, food or transportation, additional funds could improve your financial situation.
Let’s explore getting a reverse mortgage in retirement or a part-time job.
Retirement Income
Your lifestyle may be funded via liquid assets that are received during your retirement.
However, if the bulk of your retirement income is dedicated toward your monthly debts,
you might need to supplement your current income.
Part-Time Job for Retirees
Even with a ton of discounted items and services for seniors, a part-time job could be instrumental toward paying for credit card debts, utilities or for an occasional splurge.
Whether you generate additional income through a part-time job or as an independent contractor, your earnings may be taxable (consult your tax advisor for clarity).
A part-time job could decrease the amount of time that you spend with family members or your time for traveling.
Getting a Reverse Mortgage in Retirement
A reverse mortgage could supplement your income instead of getting a part-time job in retirement.
Seniors who qualify for a reverse mortgage may be able to borrow a portion of the equity within their home.
The loan proceeds can pay off an existing mortgage loan, credit card debts, student loans or other large expenses.
Additionally, money from a reverse mortgage may be disbursed monthly, quarterly, in a lump-sum or as a line of credit to use as you need.
Unlike a part-time job or retirement income that’s potentially taxable, a reverse mortgage is a secured home loan that you won’t be required to pay taxes on.
No payment requirements is one of the greatest benefits of getting a reverse mortgage.
How Do You Get a Reverse Mortgage in Retirement?
You must be at least 62 years old.
Your home must have a substantial amount of equity.
You must live in the subject property.
You’re required to complete Hud-approved counseling.
Speak with a reverse mortgage broker about the requirements.
After a reverse mortgage, you must pay your property taxes, homeowners insurance, HOA costs and maintain the property to avoid losing your home.
Contact a Reverse Mortgage Broker
Getting a reverse mortgage is a big step for seniors who want to cash-out some of the equity in their home.
Mindful Money offers reverse mortgage loans in Arizona, California and Colorado.
Apply online for a reverse mortgage today!
Would you prefer to speak with a mortgage professional?
Schedule a call with Samantha Cooley, a reverse mortgage expert who patiently helps seniors navigate complex financial decisions.