Seniors Speak About Reverse Mortgages

It is difficult to retire. The transition from a salary to a fixed income can be disturbing, especially for those Americans who feel they have not saved enough for retirement. Part of the problem is that nobody knows how long they will live once they retire. That means they have a fixed amount of money that has to last for an indefinite amount of time. It is no longer possible to just work more hours to bring in more money. Now the monthly check is all there is, and the principal that it comes from just keeps shrinking. It is no wonder that so many Americans are worried about retirement. Furthermore, after you retire, your old bills and debt are still around.

Most Americans have at least some degree of credit card debt, a mortgage, a car payment, or any other debt that they need to pay back. This becomes much harder on a retirement income.

Enter the reverse mortgage. A reverse mortgage is a special kind of loan that allows you to borrow against the value of your home and get access to the cash right away. There are no monthly payments to make. Instead, you can just use the money to clear away all of your debts, give yourself more money to spend each month, and enjoy better financial freedom. It's a loan that many seniors are taking advantage of because it lets them supplement the income they get in retirement, which they often find to be inadequate to their needs.

A reverse mortgage turns home equity into cash quickly and lets you stay in your home. You can use the cash you get from a reverse mortgage for anything you want. Even if you do not have debt that you want to get rid of, you are likely to need some extra money to cover living expenses.

The cost of living tends to keep rising, while your income will remain fixed. A reverse mortgage can help fill the gap. And if you do have revolving debt, then getting out from under all of that interest and all of those payments will make you much better off financially.

It is not surprising that so many seniors across the nation are opting for a reverse mortgage. It is a way to regain control and financial freedom at a difficult time when those things are so hard to find. Reverse mortgages do entail some costs, like taxes and home insurance, but you would need to pay those under any circumstances. The balance of the loan won't come due until the borrower passes away, leaves the home, or sells the home. That means they are free as long as they live.

Joseph Styles is a researcher and blogger with experience writing on multiple topics including Home Health Care, and more. He is currently writing for Home Care Summit .