Stress Less About Health-related Retirement Costs with a Reverse Mortgage Loan
One in three 65-year-olds will live past age 90, according to the Social Security Administration. One in seven will live past age 95. And with that longevity comes more health-related expenses to cover during retirement.
Older Americans are paying massive out-of-pocket health costs, despite Medicare coverage. In fact, uncovered expenses will consume 52% of the average Social Security check by 2030. But figuring out how to afford medical care as a retiree doesn’t have to be stressful. If you’re a homeowner age 55 or older (in select states)*, there’s an option designed exclusively for you — a reverse mortgage loan.
Because medical costs are inevitable
A reverse mortgage is a strategic financial tool that can help fund your healthcare needs and more in retirement. Similar to a traditional home equity line of credit (HELOC), it allows you to leverage the equity you’ve built up in your home. But unlike HELOC, you don’t have to pay it back. It has a flexible repayment feature where no principal and interest payments are required until the last surviving borrower passes away or moves out***.
As a borrower, you may access the funds as a lump sum, monthly payments or a line of credit to fall back on**. And you may use them at your own discretion to supplement your income, save for a rainy day, take a vacation or cover retirement healthcare costs, including:
- Services not covered by major medical insurance
- Prescription costs
- Medical and non-medical in-home care, such as a physical therapist or home health aide
- Adult day care
As always, before deciding on a reverse mortgage or another financial solution, speak with your financial advisor to help determine the best payment option for your long-term financial security.
The privilege of growing old comes with a price tag
If you’d like to learn more about reverse mortgages and if you’d make a good candidate, we’d love to set up a convenient time to speak with you. Call Reverse Mortgage Funding LLC (RMF) today at (888) 277-1567 to get the conversation started.
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.7-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.
*Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply. Visit www.reversefunding.com/equity-elite for details.
**Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.
***As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and maintenance.