VIP Mortgage’s Tim Nelson says financial planners today regularly incorporate reverse mortgages into retirement planning in Peoria
Home owners have often used a Home Equity Conversion Mortgage (HECM) loan - commonly known as a reverse mortgage - to pay off their mortgage and improve their overall monthly cash flow. But over the years, the use of reverse mortgages has shifted.
Today, many financial planners and trusted professionals are realizing that a reverse mortgage could be an important, effective part of a sound and rewarding retirement fund strategy, and are recommending the use of reverse mortgages earlier, rather than waiting. Reverse mortgages can also improve the value of an estate that can be passed on to an heir by incorporating the reverse mortgage in planning and distributions for retirement.
There are several reasons financial planners are considering the use of a reverse mortgage sooner rather than later and incorporating them into retirement planning.
Home owners have one of their largest assets hiding in plain sight - home equity - and it’s a smart way to extend the life of a retirement portfolio.
VIP Mortgage has Certified Reverse Mortgage Professionals (CRMP), specializing in helping older borrowers convert a portion of the equity in their home into cash flow. Call Tina Steele today at 520-861-2821 to learn more.