Does the thought of retirement keep you up at night with worry instead of excitement? Most Americans face some anxiety as they step into a new phase of life. But for those who struggle financially during their working years, the idea of not working at all causes incredible stress.
If you want to optimize your retirement, or if you are caring for loved ones with retirement fund questions, FAR can help. If you want to explore innovative ways to build on your investments, we also have a solution.
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Financial Fears? You’re Not Alone.
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Most of us face some sort of money worry. As retirement nears, those concerns escalate for many of us. Common areas of concern include:
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Living alone. How will I carry on after the loss of a spouse?
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Managing healthcare costs. How will I pay for necessary prescriptions or an unexpected hospital stay on a fixed income?
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Aging in place. How can I stay in my home as long as possible?
If your retirement worries revolve around any of these issues, you are not alone. Nearly half of American families have no retirement savings at all.
Many of these individuals have only one asset: their homes. Fortunately, AMREverse offers solutions that allow you to live well throughout retirement without tacking on another bill to pay.
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A Reverse Mortgage Could Be The Answer
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A reverse mortgage allows homeowners and homebuyers age 62 and older to tap into their home equity to supplement social security payments and retirement income. Use reverse mortgage proceeds like a line of credit to pay for unexpected medical expenses or to provide extra monthly income, tax-free*.
With a reverse mortgage, you can continue to live in and own your home. And unlike a traditional home equity loan or home equity line of credit (HELOC), you don’t have to repay the loan until the last surviving borrower (or a nonborrowing spouse who meets certain requirements) no longer lives in the home as their primary residence or the home is sold.
EASING RETIREMENT WORRIES
Living Alone
A little over 25 percent of retirees live alone according to a 2014 Pew Research Center study. With individuals leaving the workforce earlier—sometimes involuntarily—and living longer, these single homeowners have to draw from their nest egg for 25, even 30, or more years.
The same study found that adults 65 and older who live alone have more difficulty covering basic expenses. Single retirees have to pay the mortgage and all expenses themselves, which isn’t easy on a modest social security check and average retirement savings. Many single adults worry constantly over whether they will live comfortably throughout retirement.
To ensure that you have the income to live well during every one of your retirement years, draw upon your home equity with a reverse mortgage. The proceeds can provide steady income to ensure that you can easily cover basic expenses, plus even have a little left over for group outings, dinners with friends, and hobbies.
FAR’s licensed Reverse Mortgage Specialists will help you through the entire loan process. From application to closing, a trusted partner will stay by your side to answer questions and offer guidance that suits your individual needs.
Manage Healthcare Costs
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If you struggle to manage healthcare costs, you are not alone. If you are a homeowner or homebuyer age 62 or older, however, you have an excellent potential income source at your disposal—home equity.
A reverse mortgage from FAR can give you the extra finances you need to pay down medical debt. Pay bills quickly to avoid unnecessary late fees and interest. Set aside some reserves to cover future medical costs or long-term care.
AMREverse experienced Reverse Mortgage Specialists will walk you through the entire process. We aim to deliver superior customer service from your initial inquiry to closing.
Aging in Place
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A home isn’t just a primary asset for many seniors. It’s a place they love and want to stay. More than 60% of retirees live in the same home they lived in when they retired, for a few reasons:
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•They love their home.
•They love their community.
•They have friends and family who live close by.
•They want to keep their independence.
Studies show that retirees want to retain their independence as long as possible. A survey conducted by Merrill Lynch found that most retirees want to age in place.
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•85% prefer to receive extended care in their own home.
•Only 10% prefer an assisted living facility.
•Only 4% prefer to live in a family member’s home.
With AMREverse as your partner, you’re not alone.
Retirees who own their own home can maximize that asset with a reverse mortgage. Homeowners and homebuyers age 62 and older can use tax-free* reverse mortgage proceeds to better enjoy the years spent in their home.
Receive these funds as a line of credit, as a steady income stream, or as a lump sum—the choice is yours.
If you plan to downsize your home or move closer to family, a HECM reverse mortgage can help finance that new home without an extra mortgage payment.†
* Not tax advice. Consult a tax professional.
† Payment of taxes, insurance, and property charges required