A survey about American retirees conducted by the Transamerica Center for Retirement Studies showed that over 25% of retirees feel they are “just getting by” on what they saved for retirement and only 11% of American’s over the age of 62 are using the equity in their home as a source of retirement.
If you are a homeowner, the chances are that you have been making a mortgage payment every month for many years. Why not let your home start paying you? A HECM (Home Equity Conversation Mortgage) or “reverse mortgage” is an option for people over the age of 62 to use the equity in their home to assist them with their finances. Whether you simply don’t want a monthly mortgage payment or you need to withdraw funds to do home improvements or pay for medical expenses, a HECM may be a good choice for you.
