What will happen to your home when you’re gone? Most people leave it to their partner or kids, which helps them feel good about themselves. Nothing beats knowing your loved ones will be looked after when you die.
It only works if you have close family members. What will happen if you’re all alone? Consider getting a reverse mortgage, which won’t be paid back while you’re alive. Here are a few cool things you can do with it.
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1. A Shelter For Animals
You could turn your home into a shelter for animals if you want to do something philanthropic. Lots of animals on the streets are desperate for a place to stay. A reverse mortgage would allow you to build kennels on your land.
Strangers could bring in stray pets they find on the street. You’d be giving animals food and shelter, but they would be helping you too. You would wake up every morning with a smile on your face because you’re making the world a better place.
2. Travel Around The World
Rick Sekhon, mortgage broker in Toronto, says lots of customers who apply for a reverse mortgage want to spend time traveling around the world. Once you reach a certain age, you’ll realize you have so many places left to see.
Do you really want to stay in the same city for the rest of your life? It’s best to travel before your body isn’t capable of doing anything without help. You can always come home to relax once you’ve satisfied your curiosity.
3. Buying A House Overseas
If you don’t like cold weather, you could live abroad for 6 months during the coldest months of the year. Living in countries like Ecuador and Mexico is pretty cheap, so you’ll be able to afford it on a basic pension.
You could use your reverse mortgage lump sum to buy a second home in one of those countries. It means you won’t need to search for a new rental property every year. You’ll still get to spend half the year in your main home.
4. Enjoy An Expensive Hobby
Every retired person should have a hobby they love. If you don’t have anything to keep yourself occupied, your life will feel like a nightmare. Some seniors are lucky because the hobbies they enjoy don’t cost much.
It’s a different story if you enjoy things like fishing and sailing. Reverse mortgages will give you enough money to have fun non-stop. If you try new hobbies, I’m sure you’ll find even more you can’t live without.
5. Do Some Home Improvements
You’ll definitely enjoy relaxing in a hot tub when it’s nice outside. If you want to reverse the aging process, you could build a gym inside your home. You can work on many home improvements with a big enough reverse mortgage.
You don’t need to hire someone else to carry out the work for you. If you’re a DIY wizard, you could do everything yourself. Not only will you save lots of money, but creating things from scratch is extremely enjoyable.
You Should Give Someone A Call
It’s worth calling a broker to discuss your options as soon as possible. If you decide a reverse mortgage is a good idea, you’ll be able to change your life quicker than you think.