Video TranscriptHi everybody, this is Miguel Vazquez. Hopefully you're doing good and having a good day. Thank you for taking the time to watch this video.
The topic I wanted to speak about briefly today is the main reason why people do a reverse mortgage. Throughout the years I've seen several reasons why people get one — but they can almost all be brought down to a single one.
Here are the most common reasons I've seen:
• To pay off debt.
• To no longer have the pressure of a monthly mortgage payment — in retirement they're often not counting on the same income they had when they were working, so there's less coming in each month.
• To pay off medical bills. Many clients have a spouse going through medical hardships, and they use the reverse mortgage to get cash out to help cover those bills.
• To help fund education for their grandchildren.
• Simply to enjoy life a little bit more.
If you look at all of those reasons, they can really be bundled into one: people get a reverse mortgage to make life a little bit easier for themselves. At the end of the day, whatever the reason, it's so they can live with a little less stress — so they can be at ease and have a sense of peace.
Life is difficult, and especially at an older age you may not be counting on the same amount of money you had when you were working, so things can be harder financially. The bottom line is that most people get a reverse mortgage so they can live life a little bit easier and with a little less stress. That's probably the main reason.
Anyhow, thank you everybody. Hopefully you have a good day and a good weekend. Thank you — bye.
