Thinking about a second act after retirement? A Reverse Mortgage May Help.
If you have fantasized about starting a second career or turning your hobbies into a way of life after retirement, you are not alone. According to the 19th Annual Transamerica Center for Retirement Studies (TCRS) retirement outlook report, twenty-six percent of baby boomers cite working as a retirement dream. Also of note, sixty-seven percent dream of traveling and forty-nine percent plan to pursue hobbies.
Of the twenty-six percent who plan to continue working, the study breaks down the top three career plans:
- 7% would like to start a business.
- 10% would like to pursue an encore career in a new roll, profession, or activity.
- 13% would like to continue working in the same career.
Many retirees looking for a career reboot turn to those fields that address social needs like education, healthcare, human services, and the environment.
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More on Reverse Mortgages After Retirement
Whether those second act career plans include going to law school, working abroad, or opening a new business venture, homeowners with a great deal of home equity can finance their dreams by withdrawing a portion of the equity through a federally-insured reverse mortgage, called an HECM. This type of home loan allows borrowers 62 years of age and older to convert their home equity to cash, with no monthly mortgage payments to make.
For many baby boomers considering a second career or higher education opportunities post-retirement, their first instinct may be to start drawing Social Security benefits as soon as they are eligible to help fund their new venture. By using a reverse mortgage instead, you allow your monthly benefit amount to increase if you can wait until age 70 or later.
If you are thinking about reinventing yourself after retiring, a HECM reverse mortgage may be the financial solution to help you do it. To learn whether tapping into your home equity is right for you, speak with a Certified Reverse Mortgage Professional today for more information.
Learn more about how people are using home equity conversion mortgages for purchasing homes:
Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.