Continuous learning can keep your mind sharp as you age and can play a fundamental role in making the most of your retirement. However, retirement savings can limit your ability to be a lifelong learner. One option to free up some cash and secure your financial stability is a reverse mortgage or Home Equity Conversion Mortgage (HECM). Starting at age 62, you can supplement your retirement plan with a HECM and change the education options below from ambition to reality.
- Higher Education
If you consider yourself a lifelong student who can’t get enough of the classroom, returning to college in retirement might be just the right move. Tuition today is a big expense that would certainly put a dent in anyone’s nest egg, even if a second career is the ultimate goal. However, many colleges and universities now offer tuition waivers for older adults interested in undergraduate classes. That could put a degree, or at least a few classes, within reach for just the cost of books and supplies.
- Social Classes
Staying socially active could be the retirement investment with the best returns. A HECM can provide the financial confidence to indulge in that art, cooking, or yoga class you always dreamed about but never had the time to do. Not only will you finally get to embrace a new hobby, but you can make some new, like-minded friends along the way.
- Private Lessons
The most determined students might decide private lessons are the best route to conquering a new skill. While likely to cost more than group classes, they can definitely put you on a fast track to success. Goals such as learning an instrument or studying photography could be best served with a private teacher, and a reverse mortgage might be just the tool to help cover the cost of lessons and equipment.
Of course, nearly everything someone would want to learn about is available via the internet these days. For self-motivated learners, picking up a new skill might be as simple as finding the money for a new computer, an internet connection, online curriculum, and a quiet workspace to help focus the mind.
When it comes to learning, there’s no substitute for immersing yourself in the subject. Whether it’s language, history, or cultures, you’ll be hard pressed to find a better learning method than seeing it all firsthand. Many retirees discover that a HECM can provide the financial freedom to travel more extensively, and realize that the globe is the most impressive classroom.
Curious how a reverse mortgage can help you reach your retirement goals? Loan Origination Specialists at Open Mortgage can discuss all of your options with you. Give me a call today!