If you are nearing the time you are able to retire, you are likely thinking about it more and more every day. After all, you’ve spent decades working hard to not only support your family at the moment but also to plan for the future. As retirement inches closer, it can be helpful to start considering how you spend it; while it will certainly be great and exciting, it is still a significant change to your life, so being prepared can help you maximize your enjoyment. A big component of this is figuring out how to remain financially comfortable, so you can do all the things you’ve dreamt of. For many, a reverse mortgage is a fantastic way to achieve financial flexibility during retirement. In today’s blog, Family Home Loan Texas provides tips to better enjoy your retirement and describes how a HECM can help fund it.
Cultivate Your Hobbies
You have probably heard that it is important to stay active once you retire, and this is very true. While you’ll likely want to spend your first few weeks just relaxing and adjusting to not having to work, you want to avoid making living room-lounging your primary activity. Rather, this is the perfect time to get back into hobbies you didn’t have much time for or start something new that you’ve always been interested in. If you have a dusty guitar sitting in a corner or a bicycle with a rusted chain hanging in the garage, just pull them out and get them into shape. Even the act of touching them and moving them is likely to motivate you. Whatever you choose, be sure to stick with it, and you’ll be feeling satisfied in no time.
Exercise is essential for your mental health, especially when you have more time to dedicate to it. Even just walking around your neighborhood every day can make you feel great and keep you in shape. If you’ve had a more sedentary job, you will also see physical changes quicker than you might expect from even mild, low-impact exercising. It is also important to stay active in your community. Volunteering for causes you are passionate about, becoming involved in local theater, or even just maintaining your friendships are all great ways to keep your social needs met. Additionally, this will help you cultivate a strong sense of self and place — one that is unrelated to your work life. Also, be sure to make friends of all different ages; this will help you stay more current about societal shifts and will help you feel more connected to your community.
Travel And Try New Things
When you are working 40 hours a week, it is easy to fall into an unwavering routine. This can be helpful, as it can keep you organized, but retirement is a great time to try new things. Yes, keeping a daily routine is important, but you should also take advantage of new opportunities. Traveling, for instance, is a great way to not only satisfy your own personal desires but also to gain a more well-rounded perspective of the world. Go visit some of your favorite places you’ve been to previously and also go somewhere new. This is the time to see the sites you’ve only witnessed in pictures and in movies.
Stay On Top Of Your Finances
One of the most important tips for having a healthy retirement is to keep a budget and stick to it. When you stop working, your income will likely change, so you will need to make appropriate adjustments. Be sure to keep an eye on your investments and make sure your social security and pension is providing the money that it should. Adjusting to a fixed income can take a while, so take special care to stay on top of your finances. This is also a good time to consider new ways to generate income. A great way for those of retirement age to have the most financial flexibility is to get a reverse mortgage.
What Is A Reverse Mortgage?
A reverse mortgage — or a HECM — is a way for eligible individuals to turn the equity they have in their homes into liquid funds. The money you have put into your house is stagnated, so a reverse mortgage allows you to tap into it and spend it however you please. It allows for flexible retirement. As the name suggests instead of paying a lender each month for your mortgage, they pay you. One of the biggest benefits is that you get to keep the title of your home, and you do not have to pay anything back to the lender until it ceases to be your primary residence.
How You Can Receive The Money
We know that several of the tips we provided above require more flexible spending, which can admittedly be difficult when you are on a fixed income. A reverse mortgage, however, gives you the ability to pay for these things and more. You can choose to receive your money as a lump sum, monthly payments, or as a line of credit. Everyone has different needs, so consider your own. If you need money to cover a single, large purchase, a lump sum might be your best option. If you have ongoing costs, monthly payments can help. Finally, if you just want to know you have access to funds should the need arise, a line of credit is a great choice. When you begin the reverse mortgage process, you will meet with an independent, HUD-sponsored advisor who will provide you will all the details you need to make an informed decision.
Contact Us To Learn More About Flexible Retirements
Whether you want more tips for maximizing your post-work enjoyment or have questions about a reverse mortgage, we are here for you. Family Home Loan Texas was founded by loan originator and long-time mortgage professional Rob Bramer. Rob has helped clients secure the loans they need both locally and nationally and can help you get the loan you need to live life on your terms. Call 1-800-990-LEND (5363) to speak with Rob about a reverse mortgage loan and to receive a free, no-commitment consultation.