You don’t need to be an economist to know we’re in unprecedented times. Learn how a reverse mortgage can act as a safeguard against a potential housing downturn.
Do you remember the financial crisis of 2008? Before the housing market bubble crashed; the market was going up, home values were increasing and there were low unemployment rates. All of a sudden the market crashed. Homeowners saw thousands of dollars of equity disappeared overnight. With the way the housing market has been going, you may feel like another bubble is on the verge of bursting. Have no fear, there is a way you can protect your equity by utilizing a reverse mortgage.
If you’re like most older Americans, your home equity is your largest retirement asset. At South River Mortgage we offer people 62 years or older a reverse mortgage program. A reverse mortgage will enable you to:
- Lock in your equity at today’s sky-high home values
- Access tax-free cash from your equity
- Reduce or even eliminate your monthly mortgage
- All while staying in the home you love
Millions of people are facing financial uncertainty. The wealth that they’ve worked their whole lives to achieve is being affected. Don’t be one of those people who are affected and lock into a reverse mortgage today. A reverse mortgage is federally insured and guarantees the loan at the time it’s taken out.
Now is a good time to lock into your equity, while home values are still high and rates are near all-time lows. If your home value drops because of a potential downturn, your equity is still based on your loan date. On the other hand, if the value of your home increases then you may be eligible to refinance at a later date.
Why worry about the value of your home dropping when you can lock into a reverse mortgage to protect your equity? Explore your options with South River Mortgage.