Reverse vs HELOC
March 14, 2024
Are you or someone you know considering moving into a long-term care facility? It’s a significant decision that often comes with unforeseen financial implications.
Here’s what you need to keep in mind:
· Monthly Costs: Retirement homes can cost between $3,000 to $5,000 per month, eroding savings, especially for those on fixed incomes.
· Loss of Home Equity: Selling the family home can lead to the loss of valuable home equity, which may not cover ongoing expenses.
But, there’s an alternative!
A reverse mortgage could provide financial flexibility, enabling you or your loved ones access to up to 55% of their home’s value without worrying about monthly mortgage payments. This can be used for in-home care or home renovations, ensuring a comfortable and accessible living environment during their golden years.
Contact me today to see how a reverse could work for you 😉
