Your retirement days are supposed to be the best and most relaxing of your life. Your children are grown and having families of their own, your own parents have peacefully moved on to their next stage in life, you’ve worked long enough to generate a comfortable amount of savings, and you may even be receiving some limited income in the form of a pension, Social Security income, or disability income. You’ve purchased all the household goods you could ever possibly need, and best of all, you are finished with working!
But what happens when you still haven’t paid off your mortgage? Many retirees haven’t really planned that well for their future retirement. Call it “living in the moment” call it “procrastinating,” call it “strategic debt management,” but whatever it is, if you end up owing on your mortgage after retirement, you may find yourself struggling to make ends meet. So how can you help yourself? Consult with an experienced loan originator in NJ to find the best reverse mortgage to suit your needs!
You may be wondering how a reverse mortgage can really help you on your quest to pay off your existing mortgage—after all, don’t you need to invest money into something before taking out a mortgage against it? Fortunately, while this is true, you may need less invested than you think. Your home does not need to be 100% paid off in order to qualify for a reverse mortgage! In fact, if you are a senior age 62 or older with at least a portion of your home mortgage paid off, you can often obtain a reverse mortgage on the paid portion.
The reverse mortgage program is a federal program, and will allow you to borrow against the value of your home, based on what you have paid for it already. This allows you to take the equity you have already paid into your home and use it for everyday expenses, vacations, or anything else you need. While paying your mortgage is not as glamorous as a vacation or new car, the comfort and security you will receive from knowing your current mortgage can be paid in full each month may far outweigh these other concerns. To find out how to get started, consult with your local loan specialist in New Jersey. While any loan provider can typically provide advice on a reverse mortgage, you want to choose the best one in your area—seek out someone who has years of experience, who can provide you the details of your loan without having to research or hesitate, and who can get you the best rates on your loans as you need them. With a little searching, you can find the best loan originator in NJ with no trouble!
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