If you're in need of money and you have a considerable amount of equity in your home, then a Hallandale Beach reverse mortgage could be just the thing for you. It's a great way to bring some money in, without having to sell your home and move away. Here are some of the reasons why you should consider a reverse mortgage yourself.
It's Perfect If You're Not Planning To Move House
As the saying goes, home is where the heart is. You love your home, and you've been there for years. That home has seen a lot happen, and you don't just want to let it go. Does this sound like you, but you do need an influx of cash? Then a reverse mortgage is an option for you. This home loan uses your home as the basis of the loan, so you can stay put. The loan isn't repaid until you move or the homeowner passes away, at which point the home can be sold to pay the balance.
For those who feel as though they have to move to get the value from their property, you now know you don't have to. You can bring in some much-needed cash this way, and not have to leave your beloved family home.
Reverse Mortgages Are Designed For Seniors
Are you a senior citizen and need some money coming in during your retirement? Then a reverse mortgage could be for you. During your retirement, you'll be richer in time but you'll still have bills to pay. Many recently retired people soon find that they still need some cash coming in to help them with living costs.
If you look at a reverse mortgage, you'll see that you can still live in your same home, still enjoy your retired lifestyle, but now you can do so without worrying about money. These years of your life are all about relaxation after working hard and raising your family. If you take out a reverse mortgage, then you can achieve that goal and really let go of all those worries.
Handle Those Medical Bills
Something a lot of seniors have in common is medical bills. They find they quickly stack up, and they need to find a way to pay them. The same goes if they need some form of in-home care. All this treatment needs to be paid for, and it's hard to do without a regular income coming in. Many seniors often decide to sell their homes in order to pay for treatment or to move into facilities where they can receive care around the clock.
While these are good options, it's sad to sell your home just to pay these bills. Instead, a reverse mortgage can help you handle these costs, and finance any care that you need. The bonus is that you can receive this care in the comfort of your own home.
Perfect If You're Not Leaving Your Home To Anyone
There's an assumption that every homeowner has someone they want to leave their home to after they pass away. However, this may not be the case for you. For example, you may not have had children so have any heirs to pass it on to. You may have had children, but they're grown up and successful, so inheriting your home isn't the boon to them that you might expect. Because of this, you just want to enjoy your home while you have it. Why not get the value from it now, while you can?
A reverse mortgage will help you do this. Take that loan out, and you can enjoy your home in comfort for as long as you own it. The loan is only repayable once the loan holder passes away, at which point the home can be sold to pay the balance. Why not get the value from your home now, while you can enjoy it?
Getting A Reverse Mortgage
Does getting a reverse mortgage sound like the right thing for you? Then now's the time to talk to a lender and see what kind of Hallandale Beach mortgage rates are out there.
Come and talk to us here at Nationwide Home Loans. We're dedicated to helping our clients find the best rates for them, every time. We'll talk you through exactly what a reverse mortgage means for you, and help you decide if it's the best loan. Soon you'll be armed with all the information you need to make the right decision. Get the loan you need with us, and enjoy your retirement.