A reverse mortgage was primarily used as a ‘band aid’ to assist seniors in meeting their day-to-day expenses by pulling out some of the equity that they had in their houses. In many cases it was used to divert a foreclosure. It was considered only during times of an emergency.
However, many seniors today that do not need to meet a certain cash-based need, can still take advantage of the numerous benefits provided by a reverse mortgage, by using it as a tool for their strategic long-term retirement planning.
Below are ways that a reverse mortgage in Hawaii can be a viable financial strategy:
Delaying Pension and Social Security Payouts
There are seniors who may need to utilize payouts from their pensions and Social Security benefits as soon as they become accessible. However, the cash obtained from the reverse mortgage will allow the retiree to delay collecting their pension or social security allowing it to mature.
Postpone Drawing down Your Retirement Assets
It is a move that is designed to allow your assets additional time to grow. The funds you obtain from a reverse mortgagelender will make it possible for you to postpone drawing on your other resources allowing them to fully mature.
Read More : Why prefer FHA Insured Reverse Mortgage over Single-purpose or Proprietary?
Eliminate Monthly Mortgage Payments to Increase Your Cash Flow
Every time you write a check to pay for your mortgage, it takes a sizable chunk from your monthly income. However, when you apply for a reverse mortgage from a lender in Hawaii, the existing mortgage is automatically paid off.
Once it has been paid off, it means that you will remain with extra money in your pocket, which you would have normally have used to pay the monthly mortgage. However, you will still be responsible for paying your property taxes, homeowners insurance and maintenance of your home.
You Get Access to a Line of Credit that is Low Cost, and Non-cancellable
Applying for a reverse mortgage means that you will get access to a line of credit that is ever growing. The line of credit provided by the reverse mortgage grows as time passes.
It basically means that as the years go by, the unused line of credit available to you will be larger than what you initially received.
Protect Your Investment Portfolio When the Market is down
When the stock markets are down, it means that your cash flow, as well as investment portfolio, may not be performing at peak levels.
When you choose to get a Hawaii reverse mortgage, the payment received will be able to provide you with enough protection until the investment markets start to pick up.
To find out how much you qualify for, and whether a reverse mortgage is right for you, consult the author of this article to discuss the pros and cons. For more information you can also visit: www.AlohaMortgageSolutions.com. There you will find two short video’s, one title “Reverse Mortgages Explained;” and the other, “Testimonials of Real Hawaii Clients.”
For a FREE, no-obligation quote, contact Daniel Nicolosi at Harbor Financial Group – Your Aloha Mortgage Solution in Honolulu. You can reach him directly at (808) 799-8218 on Oahu; or Toll Free at 888-423-2468 from the Neighbor Islands. Within 10 minutes he can tell you how much you are eligible for.
“YOU’VE INVESTED A LIFETIME, NOW REAP THE REWARDS!”
Hawaii Reverse Mortgage 