HOME EQUITY CAN TURN AN EMERGENCY INTO A TRANSITION
While the plan had always been for each of you to work at least up to the social security “normal retirement age”, your husband was recently notified (at his age 64) of an involuntary severance – effective next month! The company will continue to pay his salary and benefits only through the end of the third quarter of this calendar year, you’ve learned. While your own job seems secure, and while you could add your spouse to your own health plan, this downsizing is obviously going to mean a significant cut in household income. Thankfully, you have no consumer debt and very little mortgage debt (the plan, up until now, had been to have your home fully paid for in time for your own retirement two years later than his).
Still not totally recovered from the shock of the job loss, your husband has already begun to look for alternate employment. While he is confident he has four to six good years to offer a new employer, you are afraid the prospects of his earning anywhere near his current income, much less with health insurance benefits included, are dim.
Unfortunately, downsizings are all too common these days, but it sounds as if you have several positive factors going for you, including your lack of consumer debt and your own health benefit plan through your employer. In addition, your husband appears confident that he will find a way to continue generating income.
One path to consider is tapping into your “housing wealth” in the form of a reverse mortgage line of credit. The equity you have built over the years will first be used to pay off the remaining debt; the remaining equity would continue to grow at the same rate as that being charged on the mortgage loan. You would experience immediate relief in the sense that no monthly mortgage payments* would be needed, and that should be helpful until your husband once again is earning a paycheck.
In short, your home equity can help turn what is now “an emergency situation” into just another of life’s transitions.
https://mutualreverse.com/david-garrison
Readers, if you’d like to see what you might qualify for with a reverse mortgage in Indiana, or to download your Reverse Mortgage Guide Click Here (and scroll down).
*Borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance, and any HOA fees. David Garrison, NMLS ID 1595194. Mutual of Omaha Mortgage, Inc. dba Mutual of Omaha Reverse Mortgage, NMLS ID 1025894. 3131 Camino Del Rio N 1100, San Diego, CA 92108. Indiana-DFI Mortgage Lending License 43321. Michigan 1st Mortgage Broker/Lender/Servicer Registrant FR0022702. These materials are not from HUD or FHA and the document was not approved by HUD, FHA or any Government Agency. Subject to credit approval. For licensing information, go to: www.nmlsconsumeraccess.orgEqual Housing Lender