While the “baby boomer” generation inches towards retirement, the economy in many areas is still rather dismal.  Many took major losses in the 2008 economic meltdown, losing their hopes for a prosperous retirement.  In situations such as this, reverse mortgage is becoming an important piece of retirement planning.  Seniors, 62 years and older, now have the ability to fund their retirement using the equity in their homes, alleviating mortgage payments, and receive either monthly pay-outs or  line of credit as long as the borrower(s) remain in the residence.  Reverse mortgages can even be used to purchase a home now.  For many, this option makes a world of difference, allowing for the sought after prosperous retirement years instead of barely scraping by on a budget.  Reverse mortgage funds can be used for any purpose the borrower chooses, and is often used to help with every day expenses or long term medical costs.

According to several sources there are an estimated 60 to 75 million boomers entering or approaching retirement.  Financial and retirement planners in Seattle and nationwide are educating themselves extensively on reverse mortgage in order to better use it as tool in future planning.  They are working closely with reputable reverse mortgage lenders in order to fill in the gaps where retirees are looking for options.

Janis Layman is a Reverse Mortgage Specialist serving the Seattle, Lynnwood, Edmonds, and Shoreline areas of Washington.  Contact Janis and learn if reverse mortgage is right for you.