Retirement can be a tricky thing, with more and more people not properly prepared or preparing for retirement. Thanks to credit and increasing debt, retirement for many is looking to be more of a fantasy than a reality for many Americans.
However, there are strategies you can take to increase you income after retirement. One strategy, is taking a reverse mortgage on your home. A reverse mortgage essentially selling the equity you have built into your home over the years by turning it into a lump sum of cash or an annuity, or continuous stream of income for certain duration of years.
Reverse mortgages are becoming more popular every year, as qualifying individuals that are over the age of 62, are needing additional income to cover things like medical bills and other expenses. A reverse mortgage can be a great option for this, however there are major downsides. The equity you have built in is essentially transferred to the reverse mortgage company. Additionally, there are fees that the reverse mortgage company charges for the loan, which is deducted from the sum of the reverse mortgage.
However, there are strategies you can take to increase you income after retirement. One strategy, is taking a reverse mortgage on your home. A reverse mortgage essentially selling the equity you have built into your home over the years by turning it into a lump sum of cash or an annuity, or continuous stream of income for certain duration of years.
Reverse mortgages are becoming more popular every year, as qualifying individuals that are over the age of 62, are needing additional income to cover things like medical bills and other expenses. A reverse mortgage can be a great option for this, however there are major downsides. The equity you have built in is essentially transferred to the reverse mortgage company. Additionally, there are fees that the reverse mortgage company charges for the loan, which is deducted from the sum of the reverse mortgage.