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Income after Retirement

Posted by : Premraj | Posted on : Wednesday, July 22, 2009


Retirement after a certain age is inevitable; however, a steady source of income is not!  

One of the major issues that most people face after retirement is no steady source of income. This steady source of income is mandatory to manage the home budget and pay off the grocery, telephone, and cable bills. A steady source of income also helps retired people pay off their existing mortgages and credit card bills, thereby maintaining a clean credit history.  

Now, if you are retired, the big question is, “How would you ensure that you keep getting a steady source of income?” The answer is simple, get a reverse mortgage! Though the term “mortgage” implies a loan, with a reverse mortgage you do not need to pay it off with monthly installments. Instead you can simply borrow money against the value of your home! Yes, a reverse mortgage allows you to convert a portion of your home equity, which you have built over the years of mortgage payments, into available cash to help sustain your monthly budget. Therefore, if you are over 62 years of age and have no other mortgage of your home, you are eligible for reverse mortgage. In case you have an existing mortgage against your home, you will need to pay that off using some of the proceeds from the reverse mortgage. 

Reverse mortgage is rapidly becoming a life saver for many senior citizens across the U.S. and has assisted thousands of retired people in leading a decent and dignified life in their home without having to ask for money from anyone. There are other benefits as well, such as: 

  • The monthly installments that you receive from the reverse mortgage are tax-free.
  • You get to stay in the luxury of your home all your life.
  • You can easily pay off all your monthly bills without asking for help.
  • Your monthly budget stays right on track.
  • As the value of your home appreciates, so can the monthly installments.

With so many benefits being offered, it is no wonder that more and more retired people are opting for reverse mortgage to ensure that they live with pride and maintain a decent lifestyle. Get a reverse mortgage quote today

Comments : 1 Comment | Category : Personal Finance, Retirement | Tags :

One comment on “Income after Retirement

  1. Pingback: Preparing Your Financial Future | BudgetPulse Blog | Personal Finance Tips and News

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