Unfortunately, many of you are reaching retirement and finding that you simply don’t have enough money to meet your needs. In order to combat this saving’s shortfall, you may be contemplating downsizing your home or borrowing money from your family. You may even be considering going back to work..
But there is another option. A reverse mortgage will allow you to release the money tied up in your home.
By freeing up your house’s equity, you can take an around the world holiday, or buy the new car you’ve been dreaming about. Or perhaps you just want a little extra for the weekly budget.
Reverse mortgages are already firmly established in the United States and Britain, and are becoming an increasingly popular choice for Australian seniors who want to enjoy a more financially secure retirement while continuing to live in their own homes.
With a reverse mortgage you will have no monthly repayments to worry about. The loan will be paid out on the sale of the property.
You are not selling your home so you will still benefit from any capital appreciation, and may still leave behind a legacy for your family.
If you are considering a reverse mortgage it is essential that you find the right person to guide you. The team at Retirement Solutions understands reverse mortgages intimately and will help you make the right financial choice.
After all, you only get one shot.
Enjoy this life.
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