A reverse mortgage enables homeowners, age 62 and older, to tap into the equity in their home.
No Repayment Required
Defer Social Security Benefits
Improve Your Retirement Income Plan
“Rising real estate values and favorable interest rates have prompted more retirees than ever to tap into their home’s value.”
Pay off your existing mortgage, eliminating that monthly payment and accessing additional equity for retirement needs.
Using a reverse mortgage to purchase a home. Buying “up” or stretching precious retirement liquidity while securing housing without a mortgage payment.
Part of a Retirement Planning Solution
Use a reverse mortgage as part of your overall retirement strategy to improve your financial security.
Homeowners can tap into an often overlooks asset, their home equity.
A federally insured reverse mortgage, known as a Home Equity Conversion Mortgage or HECM can help you enjoy a more comfortable retirement.
Increase monthly cash flow
Cover healthcare costs
Leave stocks untouched during market downturns
Increased Home Values Turn The Tide on Reverse Mortage Perceptions
Unlike a traditional mortgage, which is considered a forward loan, a reverse mortgage doesn’t involve making payments to a lender. Instead, you hold onto the title, and the lender uses your home as collateral to make loan payments to you.
Access lump sum, monthly payments, or a line of credit
No limitations on how you use the funds
Reverse mortgages are gaining popularity as a financial tool in retirement planning
Reverse Mortgage FAQs
Frequently Asked Questions
Today’s reverse mortgages are “non-recourse loans.” That means that this is a great way to protect the property of aging homeowners, as the bank can’t foreclose on the property till the owners pass. When they pass, the only amount the bank can take is the amount owed on the mortgage. All remaining equity value is passed to the estate. And, if the surviving estate is capable of paying the amount owed in full, either through another loan or available funds, the property can remain in the family without being sold.
As of today, if the borrower is married, both individuals are included in the underwriting of the reverse mortgage. If the spouse was not 62 years old yet, this guideline prevents the mortgage from being called “due” in the event of the borrower’s death. Now the borrower and spouse can remain on the title.