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Notes on Reverse Mortgage

These are challenging times. We need to get creative. Perhaps there are some ways for you to reorganize your finances and benefit. Have you learned about reverse mortgage recently? Things may have changed.

Here are a few basics:

  • More seniors turn to reverse mortgages as a cash lifeline during the coronavirus pandemic.

  • A reverse mortgage can be used in correlation with other retirement income strategies to lessen what’s known as “sequence of return risk.”

  • Applications for reverse mortgages were up 15% in March, according to Reverse Mortgage Insight.

  • You must be 62 years old or older to qualify, and reverse mortgages are more expensive than other types of loans.

Now may not be the time to adjust or cash out other assets or investments. Please check with a qualified Reverse Mortgage Professional who can help you. At Affinity Realty Group, we work with Lynn Murphy of Fairway Mortgage in Greenwood Village. He can educate, explain, and help you evaluate and review your situation to see if this option is a benefit. Give him a call today!

Recent Update From CNBC for seniors on Reverse Mortgage

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