3 Ways Minnesota Snow Birds Use a Reverse Mortgage to Transform Retirement

Minnesota Snowbirds have found a great second winter in places like Arizona, Florida and Texas to name a few. Optimizing existing Home Equity to buy that new boat, purchase the community condo or simply enjoy retirement. But if you are on your way to a Snowbird lifestyle, have you look at an Minnesota Reverse mortgage? Are you a retired individual looking for ways to increase your financial security? If so, you may have heard of a home equity conversion mortgage, more commonly known as a reverse mortgage. Used correctly, this is one of the most effective financial products for retirees who own their home.

Let’s explore three ways that a reverse mortgage can help to transform a dull retirement into one filled with excitement.

It’s All About Flexibility
At the Cordavii Real Estate Team, we’ve found that the primary benefit that one receives with a reverse mortgage is financial flexibility. Being able to partner with our Team Partners to help clients purchase Arizona Real Estate, Texas Real Estate and Florida Real Estate has been key. By using the reverse mortgage strategy it is an excellent way to tap into the equity that has built up in your home over time without having to sell the house and move out. Moreover, unlike a traditional home loan, the payment terms are far more flexible. In many cases, payments are not required until you are ready to leave the home permanently.

An Extra Source Of Income
Is your lifestyle starting to suffer because you do not have a regular salary coming in for you and your partner? Regardless of how much you have saved in 401-k and other retirement accounts, losing that regular monthly income can be depressing.
The good news: a reverse mortgage can help to change that. The funds you receive can be used however you want. You can invest in renovations for your home, take a nice vacation, invest in the stock market or simply leave it in your bank account. It is a helpful ‘bridge’ income source that will ensure that you have no trouble taking care of life’s many expenses.

A Contingency Fund, Just ‘In Case’
Finally, a reverse mortgage or home equity conversion mortgage can be an excellent contingency fund. We all could use some extra funds for a rainy day. If you take this out as a line of credit, the money will be available if and when they are needed. Many retired individuals lack a financial ‘safety net’ and end up suffering due to unexpected health or other costs. With a reverse mortgage, you can sleep soundly knowing that emergency cash is there if needed.

As you can see, taking advantage of a reverse mortgage can be the catalyst that helps take your retirement to the next level. To learn more about these unique financial products, contact our professional mortgage team today. At the Cordavii Real Estate Team we are always happy to share how great resources like a strategic reverse mortgage can benefit you and your Real Estate Goals.

If you interested to learn more, Contact Corey Nicholas Collins with the Cordavii Real Estate Team to learn more and connect with our mortgage partners.