Inflation has made stretching one's income or dollar very, very difficult and if you are an older adult on a "fixed" income it is almost impossible. Some may have to chose between paying for medical bills, food, utilities, a mortgage payment, credit card debt and how to do it.
Those who were planning on retiring, are not so sure they can afford to do so now, and may have to continue to work because they are worried they won't have enough money saved or invested to get them through this time and still have money leftover when they are older.
Although mortgage interest rates have increased, it is the ideal time to consider using a reverse loan as a "hedge" against the uncertainty of the future. If a homeowner has a mortgage payment, the reverse loan will eliminate it, and if the borrower wants to repay the loan at any time in the future, that are able to do so without any penalty.
And if they select a Line-of-Credit, any unused funds in it, will increase each month without restriction. The funds can be withdrawn from it any time the homeowner needs additional money.
It is an excellent time to apply for a reverse loan, especially while equity is at an all time high.
