Retirement planning has changed dramatically over the decades. Not too long ago, retirees relied on company pensions to cover their retirement costs. Gradually, over time, the 401(k) came into fashion for employers looking to reduce employee benefit costs. All the while retirees had social security income to rely on to a certain extent.
Today it seems like all the rules have changed. Many employers are eliminating 401(k) "employer matching" to cut costs even more dramatically and the once-reliable annual social security adjustment has disappeared over recent years. As for company pensions, you'd have better luck finding a woolly mammoth strolling down I-95 these days. For many current retirees, their life savings (once invested heavily in mutual funds through their 401(k)s) have dried up through extreme fluctuations in the stock market. All of which means that retirees are looking for new ways to meet their monthly expenses. Luckily, there's one shining beacon of hope along the tricky retirement path that seems to be growing brighter and brighter recently: reverse mortgages.
Over the last year we have seen some amazing changes in reverse mortgages. These loans have never been more affordable and are providing access to equity that most homeowners desperately need. Retirees are using these loans to refinance into low interest rate loans and eliminate monthly mortgage payments, take cash out of their home for a variety of reasons, or just to open a line of equity to tap into as the future needs arise. Many retirees are even using reverse mortgages to purchase their retirement homes.
The beauty of reverse mortgages lies in their flexibility. There are a myriad of new loan options to choose from to meet almost any budget and any need. By carefully tailoring these loans to meet their retirement goals, reverse mortgage borrowers are able to take control of their finances in ways never before imagined.
Today it seems like all the rules have changed. Many employers are eliminating 401(k) "employer matching" to cut costs even more dramatically and the once-reliable annual social security adjustment has disappeared over recent years. As for company pensions, you'd have better luck finding a woolly mammoth strolling down I-95 these days. For many current retirees, their life savings (once invested heavily in mutual funds through their 401(k)s) have dried up through extreme fluctuations in the stock market. All of which means that retirees are looking for new ways to meet their monthly expenses. Luckily, there's one shining beacon of hope along the tricky retirement path that seems to be growing brighter and brighter recently: reverse mortgages.
Over the last year we have seen some amazing changes in reverse mortgages. These loans have never been more affordable and are providing access to equity that most homeowners desperately need. Retirees are using these loans to refinance into low interest rate loans and eliminate monthly mortgage payments, take cash out of their home for a variety of reasons, or just to open a line of equity to tap into as the future needs arise. Many retirees are even using reverse mortgages to purchase their retirement homes.
The beauty of reverse mortgages lies in their flexibility. There are a myriad of new loan options to choose from to meet almost any budget and any need. By carefully tailoring these loans to meet their retirement goals, reverse mortgage borrowers are able to take control of their finances in ways never before imagined.
1 comments:
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