Over the Age of 62 and Need More Income? A Reverse Mortgage just might be the answer… – Roanoke, VA

A recent report by the Urban Institute titled “How Much Could Reverse Mortgages Contribute to Retirement Incomes?” states that homeowners over the age of 62 could see an 18% increase in median annual income just by using an annuity-type Reverse Mortgage.  Homeowners over the age of 82 could see increases as much as 36% based on 2006 home values.


The report took a conservative approach and used interest rates in effect March 2008 & did not use the newly instated $417,000 nationwide lending limit.  Using the older limit of $362,790 and accounting for a possible 10% drop in home values they used $124,500 as the median household equity to arrive at roughly a 16% gain in income.


What does all of this mean?older-couple-reverse-mortgage


Simply put – it means that by using the annuity-type feature that is provided with a Reverse Mortgage, the homeowner is able to receive additional non-taxable “income” monthly.  This option is not for everyone, but could quite possibly provide a much-needed boost to a homeowner’s financial situation that may be above the age of 62…and have seen a recent sharp decline in their retirement assets.


I would absolutely suggest consulting a licensed Financial Advisor, prior to making any decisions regarding a Reverse Mortgage.  We work very closely with the area’s leading financial experts and would be happy to arrange a meeting. Simply click here to request an introduction.


As always, the consultations are free and tend to provide a wealth of insight into the possibilities that lay ahead.


If you would like more information as to how a Reverse Mortgage may benefit you in this market, please feel free to call me directly at (540) 904-0842 or email me at Josh@1st-Metropolitan.com.  We look forward to helping.




Josh Perrington – Reverse Mortgage Specialist

1st Metropolitan Mortgage – Roanoke, VA


www.1st-Metropolitan.com | 540.904.0842 | 2762 Electric Rd, Roanoke, VA 24018


~ by joshperrington on December 1, 2008.

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