Reverse Mortgages
Ensure the Security of Your Financial Future! If you are a senior 62 and older who could use more monetary flexibility, you may want to look into getting a reverse mortgage. Is it right for you or your family? We can help you decide. Contact us to get informed about the ins and outs of reverse mortgages.
What is a Reverse Mortgage?
Reverse Mortgages are a type of loan that enables home owners age 62 and older to convert the equity from their home into spendable money while still living in their home. The type of reverse mortgage we offer is the most common type, a Home Equity Conversion Mortgage (HECM). There are many benefits that can be gained from a reverse mortgage in the right situation. For example, the money you receive gives you more spending flexibility. It can be used to help pay for expenses during retirement such as medical care, or it could simply increase your quality of life.
With a reverse mortgage, the lender will make payments to you, and you will no longer make any monthly mortgage payments. The loan is only due if the borrower moves out of their home or at the time of their death. If you are interested in looking into whether a reverse mortgage is the right decision for you, get in contact with our team. We are here to help educate you about the process and to answer any questions you may have.
Benefits to Getting a Reverse Mortgage
Zero Monthly Mortgage Payments
The money you gain from the reverse mortgage will be used to pay off the rest of your current mortgage, leaving you with no monthly payments.
Helps Pay for Expenses
The extra money you gain can be used to help with all kinds of payments, such as medical bills, home repairs, and any other needs you may have.
Supplement Your Retirement Income
An increased amount of money available to you could help you live a more comfortable lifestyle during retirement.
Current Home Loan Will be Paid Off
The rest of your home loan will be paid off by the money you receive from the reverse mortgage.
Income from Reverse Mortgage is Non-Taxable
Because the funds from a reverse mortgage are loan proceeds, they are non-taxeable.
You Will Never Owe More than the Value of Your Property
Reverse mortgages are non-recourse loans, which means the borrower is not responsible for any payments beyond the value of their house when the loan is due.
Is a Reverse Mortgage Right for Your Situation?
A reverse mortgage is the right option in many situations, but not always. You may be a good candidate if you plan on living in your home for a long time, could use extra money for your expenses during retirement, and are able to afford other home expenses such as insurance, taxes, and HOA fees. You are probably not a good candidate if you plan on moving out of your home in the near future for any reason. This includes health related reasons such as assisted living or nursing homes. If you have any questions about whether a reverse mortgage is the right option for you, please get in contact with us!
