Mortgage crisis! What mortgage crisis?
Well, if you bought your home in the last 5 to 10 years, or did a major refinance during that period, and you are looking to sell now, you likely understand that we have gone through a mortgage crisis.
However, if you own your home free and clear, the mortgage crisis is not your concern. If you are at retirement age though, you have your own set of financial concerns. Like, how are you going to get by on a fixed income that is becoming smaller and smaller as prices for nearly every expense you encounter continue to rise. I get even more concerned every time the Congress or the White House talks about stimulating the economy, modifying healthcare, or “solving” the looming social security problems.
If you are a home owner though, 62 or older, there is a way to take more control over your financial situation. You can check in to a reverse mortgage.
At first I thought this was another way for banks to get my house. But, after just a little research I realized that a reverse mortgage can be a safe way to use my equity in my house to guarantee I have enough monthly income to live the way I want.
You can find out more by using this reverse mortgage calculator to see how you might be able to use a reverse mortgage to take control of your income.