Are you feeling the pinch of inflation and economic uncertainty? We all know the recommendations of wisdom with regard to finances and having an Emergency Fund is right up there as one of the best. But how many of us have long since blown through that Emergency Fund because of, well… emergencies and now find that we do not have that safety-net any longer.
Looking at an uncertain future, it would be a comfort to have an Emergency Fund. The question is, how to get one while on a fixed monthly income. There is enough for the bills and a bit left over, but it will take many years to rebuild that Emergency Fund to the place that it would really be useful.
What if there was a way to achieve a substantial Emergency Fund without great effort and stress? What if there was a way to eliminate your mortgage payment if you still have one and free up cashflow each month? What if there was a way to guarantee that the tax-free funds in that Emergency Fund would grow and compound annually no matter what happened to the stock market or housing market?
Sound too good to be true? Well, it isn’t! A government insured HECM (Home Equity Conversion Mortgage) is just such a solution. If you or your spouse are 62 years or older and you have 30% - 60% to equity in your home, a HECM reverse mortgage can unlock that equity to pay off your current mortgage (P&I) and create an Emergency Fund with the remaining equity. You will remain responsible for paying property taxes, homeowner’s insurance, HOA if you have it, and maintaining your home.
What a great way to put your housing wealth to work for you in a practical way. You paid into your home for many years, and now is the time to allow that equity to help you have a more secure retirement by providing a tax-free guaranteed growth Emergency Fund.
Contact us at Call (586) 753-9000 or numbers specific to your situation. Let’s see if your Emergency Fund dream can become a reality!
We educate. YOU decide!
