Tapping into Home Equity with a Reverse Mortgage Should be Guilt-Free
The goal of becoming mortgage-free as soon as possible is a focus many of your clients strive to achieve the moment they realize the dream of homeownership. But, as you know, many outstanding expenses and debts could be powered down faster – and more economically – if your clients take advantage of their home equity with a CHIP Reverse Mortgage.
Giving your clients permission to use a reverse mortgage to their advantage could be a gamechanger for them as well as your business. There’s no time like the present for your clients 55+ to take charge of their finances and ensure they have enough cashflow to live comfortably while also using their money how they see fit – whether that involves helping out family members, spending money on their home, or making a special trip or other large purchase.
Offer a fresh start
Helping your clients take advantage of home equity through a CHIP Reverse Mortgage and freeing up some money to pay off unsecured high-interest debt on credit cards, lines of credit and/or loans, can be a very liberating move for them.
They’ll find that taking equity out of their home to pay off debt will also keep more money in their bank account each month – funds that would otherwise be put towards debt payments and interest.
With access to more money, your clients will not only be better able to manage current debt levels, but they can also plan ahead by taking out equity to complete some home renovations or even help their children and grandchildren with their home and/or education needs. Why should they wait to pass on an inheritance instead of helping people or taking advantage of home equity for their own purposes when they need it most?
By paying off debt and/or helping a family member now, your clients can put themselves and their family members in a better financial position moving forward.
Helping your clients 55+ improve their financial positions and be able to assist other family members is yet another invaluable service you can provide. Find a BDM near you today.
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- Posted by amahajan
- On January 12, 2022
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