This brief discussion about how to maintain independence with reverse mortgages is meant to provoke some thought on retirement.
It’s common knowledge that as we age past 65, we can expect that our reflexes and thought processes begin to slow down. For some folks, that point happens at 75, others 85 and some people just have wonderful genes and live to 100 in great shape.
But for most of us, sooner or later we will need to have some assistance to get through the day. It may be a driver, someone to cook, clean and shop or we might need even greater help to keep us going.
So if you want to make sure that you are able to afford the additional assistance and want to remain independent in your own home than we need to take a serious look at finances. Having Long Term Care Insurance would also provide a measure of certainty as well.
For folks that have saved millions of dollars, they should be OK as long as their investments continue to do well. For everyone else, take a good look at what a reverse mortgage might be able to do for you. For one thing, there is the choice of having a standby line of credit that can’t be cancelled by the lender. So for the better off among us, it’s another souce of financing if the financial markets do poorly for a period of time.
If your financial situation is not so great, a reverse might be able to help you bridge the the financial backing you need. It could provide income and cash or wipe out monthly mortgage debt too. I once heard a comic mention that growing old is not for sissies – I guest there is a lot of truth to that.
Look carefully at all your options to find ways to maintain your independence – it’s not just a cool idea, it’s the ideal that we all want and deserve.