Inflation Hits a 40-year High: Benchmark Mortgage Shares How Reverse Mortgage Can Help
The January consumer price index, a measure in the changes of food, gasoline, utilities, and housing costs, showed an alarming 7.5% increase in the past 12 months – the highest number recorded in the past 40 years. While these price surges are putting a strain on everyone, it’s the low-income families and retirees who are having a much harder time. Benchmark Mortgage, a growing authority in lending and finance, says reverse mortgage can be a viable solution for senior homeowners to raise money and alleviate financial strain.
A reverse mortgage is a type of loan that allows individuals aged 62 or older to borrow based on their home equity. Unlike in traditional lending, there are no monthly payments. Instead, reverse mortgage lenders pay borrowers a set amount of money using their house as collateral. There’s no sale involved, and the lender doesn’t take ownership of the house. The funds can be used to cover daily living expenses, medical bills, retirement plans, or some other purpose.
As Mary Crawley, a seasoned financial counselor, puts it, “Reverse mortgage may be a good option for homeowners who want to use their home’s equity but don’t want to move. Homeowners can use a reverse mortgage to access equity as a lump sum, a line of credit, lifetime payments, or a stream of payments for a period of time.”
Inflation rates are a natural part of the economy. However, this doesn’t mean prices are going down soon. Depending on the global supply chain and several other factors, the inflationary environment might last longer than retirees on tight budgets can survive.
Taking action now and signing up for a reverse mortgage can provide an excellent way to refinance and plan for a better retirement. Following the age-old adage, “An ounce of prevention is worth a pound of cure.”
A reverse mortgage can maximize one’s assets and bring several benefits to borrowers when used strategically. However, it’s not for everyone. Benchmark Mortgage offers services to ensure every senior homeowner makes responsible financial decisions when they engage in a reverse mortgage.
The Benchmark team uses it as a retirement planning tool, helping seniors structure their funds to their retirement goals. They work closely with clients, so they understand what they’re getting into and put their money to good use, enhance their lifestyle, and enjoy their retirement without worrying about inflation strains.
Talk with the Benchmark Mortgage team today to learn more about reverse mortgage: https://carlspiteri.com.
Carl Spiteri, NMLS ID #286890. Ark-La-Tex Financial Services, LLC NMLS ID #2143 (www.nmlsconsumeraccess.org) 5160 Tennyson Pkwy STE 1000, Plano, TX 75024. 972-398-7676. This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. (https://benchmark.us/)
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Company Name: Benchmark Mortgage
Contact Person: Carl Spiteri
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Phone: 8585263037
Country: United States
Website: https://carlspiteri.com/
