If you're a senior and have always had a lifelong dream to achieve something, what's stopping you? In some cases it could be money or the right opportunity. But if you look in the right places you can always find opportunity. Like the example of how Bill managed to fulfill his dream of going on safari.
Bill had always been an animal lover since a young age. It was no surprise to his parents when his favorite subject at school was Biology. When he was old enough to start a family, the house always had an assortment of pets: cats, dogs, rabbits...the list seemed endless. But Bill had always had the wish to see the glorious animals of the African Savanna in real life. He had always wanted to go on safari.
Now at the age of 72, Bill thought that his dream might never be realized. After all it would be very expensive. That was until his daughter told him about the possibility of getting a reverse mortgage. Unlike a normal mortgage, this is a loan where you don't need to make any monthly repayments. The loan is eventually repaid out of the equity in the home.
This seemed like an excellent idea and after talking it over with the rest of his family and a housing counselor; Bill had the funds to realize his lifetime ambition.
Reverse mortgages are now becoming more popular. As more baby-boomers reach the age of retirement, they are looking at ways of supplementing their income. This could be just to pay for day-to-day living expenses or to have a lump sum for a special purchase. That special purchase could be to renovate your home to make it more accessible e.g. installing a stairlift. Or, like Bill, it could be to fund an ambition that you've had all your life.
