These days, it can be hard as a young adult to fund their future. From tuition fees to wedding costs, even housing deposits and new-born expenses, it’s not easy to afford all that is thrown their way as they grow older.
Tuition Fees: $11,052 per year.
Rent: Over $1,000 per month.
Weddings: On average, $26,444.
In times of need, children will look to their parents for financial help, which can be difficult if parents already struggle to pay their own way.
But with a Reverse Mortgage, homeowners could use the equity in their property to help not only their own finances, but their adult children’s as well.
Gifting an early inheritance is an extremely common use of Reverse Mortgages. Many parents across the country see benefit in giving their children their inheritance at a time when the kids need it most – usually around their twenties and thirties – rather than waiting until they pass away.
This way, they get to see their inheritance in action.