Reverse Mortgage

 

What is a reverse mortgage?

A reverse mortgage is a loan that enables homeowners who are 62 years or older to convert some of their home equity in to cash. Reverse mortgage lending is at an all-time high as many seniors turn to this product to improve their financial situation. This unique product can provide cash to you in a variety of ways:

  • One lump sum at closing
  • Monthly checks to increase your income
  • A line of credit for future use
  • Any combination of the above options

A reverse mortgage loan can be used to pay for many items including:

  • Home renovations/remodeling
  • Health care expenses
  • Property taxes
  • Debt consolidation
  •  Any expense

Benefits are not taxable and generally don’t affect social security or medicare payments.

How much can I receive?

Age, value of your home, interest rate and upfront costs can determine the amount of funds available to you. With a reverse mortgage, you always retain title or ownership of your home. The loan is usually repaid when you are no longer the primary resident. If you are 62 or older and live in your own home, you might want to consider a reverse mortgage loan. Our Reverse Mortgage Specialists are ready to assist you with your questions regarding reverse mortgages at any time and place you prefer.

 

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