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An article recently published on CNBC highlights one of the biggest benefits of a reverse mortgage we’ve been touting all along – it’s use as an effective retirement planning tool.
The certified financial planners the article’s author interviewed all seemed to agree that the loan could be used to help your retirement. One financial planner used the loan to help a client spend her retirement in the home she loved. Another suggested using it to help investment portfolios, mentioning that deferring use of that asset can help it increase in value.
While the article embraces these mortgages, it does so with a warning. In fact, the author notes that it is a good thing to explore this option cautiously. I personally work with a financial planer that has refer customers to me, and its getting very common to use this tool as a purchasing tool. All I say is “Make sure you don’t rush into anything, and make sure you know how it would fit into your financial plan,”
CNBC isn’t the only media outlet to shed light on the purposeful ways to use a conversion mortgage. Fox News took a look at the loan taking retirement planning to the next level. “The Property Man” Bob Massi explains why people consider reverse mortgages and how new changes have impacted certain borrowers.
My advise to the consumer is to speak to a professional like myself who has done these kind of loans.
A must watch: https://youtu.be/2adtaoyeRKQ
Or want information on how to buy a home with a reverse mortgage and save thousand. Watch this a HECM for purchase: https://youtu.be/xgwrOgPIgSw