Reverse Mortgages: How Can Home Equity Be Used?

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Using a Reverse Mortgage to tap into your home equity could significantly improve your lifestyle and allow you to enjoy your retirement without the added stress of a having to make a monthly mortgage payment.

Accessing your home equity is a big decision. In the past, most homeowners were advised to save equity for emergencies. But recent studies published in the Journal for Financial Planning1 suggest that tapping equity earlier, and retirement funds later, might be a better strategy to help extend the life of your assets.

As long as you meet the qualifications, the proceeds you receive from a Reverse Mortgage is your money.

Setting up a credit line for future use can be a great way to protect yourself from downturns in the real estate market and ensure that the equity you have today will always be available when you need it.

You may also choose to use the funds you receive from your home equity to:

  • Pay off your debts and other bills
  • Healthcare costs
  • Living expenses
  • Any remodeling you may want to do
  • Lower your taxable income and plan for your future

No matter if you choose one of the above or a combination of ways to spend your proceeds, one thing is certain; you’ll be able to free up funds that would have normally been used to pay off your mortgage and instead you can use that cash for other expenses. Your home will remain in your name and you own it as long as you continue to live in the home and keep up with your real estate taxes, homeowner’s insurance and maintain the property.

At Longbridge Financial, we pledge to assess your financial situation to ensure that it’s a good fit for a reverse mortgage. We’ll take the time to ask questions about your goals, your home, and your finances. We will help you determine what reverse mortgage solution is right for you.  Not all lenders make this commitment.

Questions about reverse mortgages? We’re here to help. To learn more, call (855) 523-4326 or visit longbridge-financial.com.

1https://www.onefpa.org/journal/Pages/APR16-Incorporating-Home-Equity-into-a-Retirement-Income-Strategy.aspx

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By submitting your phone number you are providing your signature and express “written” consent to having Longbridge Financial LLC contact you about your inquiry at the phone number you have provided. You agree to be contacted via a live or automated prerecorded telephone call, text message, or email even if you have previously registered on a “do not call” government registry or requested Longbridge to not send marketing information to you. You understand that your telephone company may impose charges on you for these contacts, and you are not required to enter into this agreement as a condition of any Longbridge products or services. You understand that you can revoke this consent at any time by calling Longbridge Financial at 855-523-4326.

For information on how we collect and use personal information, please see our Privacy Notice.