They can no longer depend on the steady income provided by a company pension as their parents did. Instead, most are left hoping that their savings from an IRA or 401K, combined with Social Security payments, will be enough to fund their retirement. The problem is, although baby boomers are working as long as their parents did, about 40 years, they’re staying in retirement longer – 20 years or more. That means that baby boomers will need additional cash flow to fund their retirement … or risk outliving their money.
A reverse mortgage can help baby boomers generate the cash flow they need to bridge those years, by allowing them to tap into the equity in their home. They can choose to receive these funds in the form of monthly payments, a line of credit, a lump sum payout, or a combination… all while retaining ownership. A reverse mortgage is a safe way for baby boomers to improve their cash flow, achieve some financial peace of mind and enjoy a more comfortable lifestyle in retirement. To find out more about reverse mortgages, contact us today.