Discovering all the benefits and flexibility of this loan made it a no-brainer.
Spending his entire career focused on numbers and finances, Ron has a binder full of research documenting every step of his reverse mortgage journey. The beauty that Ron found about this loan was “It gives all the flexibility that anyone could want — all wrapped up into one.” Meaning that he could pay off his accrued interest on a monthly basis, making it an interest only loan, or if he wanted to skip a payment or two and take a trip with friends or do some home improvements, he can do that too. Or he can work a little more and simply pay it off. Ron’s advice to others looking into a reverse mortgage is “Enjoy life with your home equity instead of selling other assets.”
To Ron, one of the fascinating things he learned about reverse was that his FICO score soared. He was able to pay off all his debts, including his credit cards, and had a score clear of any loans. “I look like I am an exceptional credit candidate, which is true. And I have the peace of mind knowing that I don’t have to pay my mortgage every month.”