If you've been reading my blog for a while you know that we own a rental property and are planning on turning our current principle residence into another rental when ready to retire.
As self-employed people we have to create our own retirement. No one to count on but ourselves.
When we retire, our two properties will be debt free.....well, that's the plan. They will provide us the income we are used to, at least close to used to!
But, for some....consider the Reverse Mortgage to help fund your retirement. Your home is generally your largest asset, you likely will have zero or a very small mortgage balance when you do finally retire.
I know, you don't want to leave a debt for your children. Please, don't forget about how hard you've worked for yourself.
Investigate the Reverse Mortgage with a qualified professional. It's a difficult loan, but basically it's based upon (gulp) your life expectancy and the value of your home now and anticipated to be then. Lots of calculations. But, wouldn't it be nice for the home that you've paid for all these years....to pay you? There are definitely Pro's & Con's, so be sure to have it explained to you in detail. And, if you have questions, ask them.
Just my two cents.
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