Closing the Financial Gap for a New Generation of Retirees

Closing the Financial Gap for a New Generation of Retirees

By George Stewart Reverse Mortgage Specialist, NML5 # 506558, Reverse Mortgage Funding LLC (RMF)

Retirement has become a bit more complicated in recent years. Retirees can no longer rely on just Social Security, employer-sponsored -etirement plans, and personal savings—what’s known as

the “three-legged stool” of retiremer t planning. Many of today’s retirees simply do not have the employensponsored plans their parents did, and therefore need to rely more closely on personal savings and other assets to close the gap and meet their financial needs. Additionally, with increased longevity and medical expenses, plar fling for the unknown is difficult. That’s why Home Equity Conversion Mortgages (HECMs) are growing in popularity.

If you’re 62 or older, a HECM can help you tap into the equity of your existing home and turn it into cash that can be used today, or a line of credit that will be there when you need it. It also can help to preserve invested assets, leaving them intact to continue earning for you.

In short, a HECM can give you more power to live better. Do you want to make some needed or desired home improvements? Get acditional funds to help cover unexpected medical expenses, or supplement your income? A HECM can help by eliminating your existing mortgage payment and freeing up cash to use for those purposes and others as well. (As the homeowner, you’d remain responsible for property taxes, homeowners insurance, and property maintenance. A HECM is a home-secured debt payable upon default or a maturity event.)

You can receive your loan funds as a lump sum, a line of credit, a monthly payment, or any combination of these. (If you elect a fixed-rate loan, you will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.)

The HECM loan program was createc by the Federal Housing Administration specifically for homeowners age 62 and older, and has been growing in popularity. Today, many consumers and their financial advisors view HECMs, in the right circumstances, as a smart solution to help qualified homeowners achieve their retirement goals.

Remember, this is not your parents’ retirement planning! It’s yours. You owe it to yourself to explore all of your available financial options, including a HECM loan.

If you think a HECM may be right for you, contact me at Reverse Mortgage Funding LLC at 843.771.3677.

George Stewart is an experienced HECIvi specialist with Reverse Mortgage Funding LLC (NMLS # 506558). Stewart is available at 843.771.3677 or gstewart@reversefunding.com to help educate prospective borrowers and their families. Branch address: 242 B Lucien Dr, Summerville, SC 29483. Branch NMLS # 1376682. Tennessee Mortgage License, License No. 115103; Virginia Lender License No. MC-5715.

This material has not been reviewed, approved, o, issued by HUD; FHA, or any government agency.

2015 Reverse Mortgage Funding LIC,1455 Broad St,, 2nd Floor, Bloomfield, N1 07CO3, NMLS ID *1019941. wwwnmIsconsurrieraccess,org 1118-Exp022016