There are many benefits of retirement, including extra free time, but retiring can also increase your financial burdens. If you have trouble paying your regular expenses or accumulate additional financial obligations, like medical bills, a reverse mortgage may be the solution for you. All you have to do is use a reverse mortgage calculator to figure out how much of your home equity is available to you. You can borrow that amount on a long-term basis from national banks that fund reverse mortgages with no immediate consequences. The only catch is you have to use the home as your primary residence for the duration of the loan. Failure to do so will result in the balance being owed back right away or the home being sold. If the latter occurs and money is left after the sale, it will be given to you or your relatives. If a balance still remains on the loan after the sale, the remaining balance owed will be forgiven.
You Might Not Have a Pension
If you’ve worked in the US, and paid tax from your salary, you should be entitled to a state pension upon retirement. As long as you’ve made enough of a contribution through tax. But, this is unlikely to be a large amount of money, certainly not enough to support the lifestyle you might be used to, and you might not be entitled to any company or private pension.
