Thinking about today's high interest rates, I suddenly realized I was missing out!
Here's the thing: I'm a Reverse Mortgage Retirement Mortgage Specialist, who unlike 98% of my peers earned a Certified Reverse Mortgage Professional designation.............and have been touting the benefits of Reverse Mortgages to others since 2014.
Yet I never took advantage of them myself. DUH!
The proverbial light bulb finally went on over my head about a month ago when I realized I needed some dental work done AND the doctor told me its time to undergo knee replacement surgery..................TWICE!
And while all this was going on, wouldn't it be nice if I could have some financial security without having to sell off some of my assets to pay for it?
That's when I realized I checked all the boxes:
- I'm over 55 years old
- I'm a resident of my home
- I've got more than 50% equity tied up in the property
But it was the interest rates that triggered it all for me, when I finally understood I could earn 1/2% more than the interest accruing on my loan balance in a Line of Credit.
YUP....I'm now making 7.5% on my money, even while my investment portfolio can be unstable.
C'mom...that's a joke, right?
Recognizing that I can use the growing Line of Credit any way I want to, and that I I'd be getting money in my pocket without ever having to pay taxes on it, I submitted the paperwork.
Yeah, it was easy. Knowing all the ins-and outs of this industry definitely made it a painless process. It's the firsthand experience my clients appreciate being able to put to work for them.
So here I am-a month later-with an extra $1,000/month in my pocket, a new set of choppers, and a sudden hankering to start traveling more once the knees heal.
After all, the kids are grown..hell the GRAND kids are grown! My husband is gone, and ....and what the hell am I waiting for?
Getting rid of the "What if" stress was just a bonus.
Then, when I considered that I've spent the past 50 years working my tail off....well, I'm CERTAINLY not going to just leave it all behind for someone else to spend. Especially when I consider how much my home has appreciated in value since I bought it.
Think I'm being selfish? Well, maybe that's okay. Besides, there are limits to how much equity I can pull out, even as my home continues to grow in value....so my heirs will not suffer in the slightest.
I'm following my own advice and now have a Reverse Mortgage. I'm taking advantage of the high interest rates, knowing I'll get more for my money these days.
And I'm living the life I've I've been waiting for years to live....................a secure work/life balance.
Can you say the same?
