Is a Reverse Mortgage Right for You?
Consider a reverse mortgage if you are a senior homeowner looking to leverage your home equity to improve your quality of life without selling your home. It is ideal for those who need extra income to cover expenses and want to remain in their home.
How Does a Reverse Mortgage Work?
How Does a Reverse Mortgage Work?
How Does a Reverse Mortgage Work?
Unlike a traditional mortgage, where you make monthly payments to the lender, a reverse mortgage pays you.
Eligibility: Must be 62 years of age and live in the home as your primary residence.
Application: Submit an application and undergo a financial assessment to ensure you can cover property taxes, insurance, and maintenance.
Loan Options: Choose from several payout options, including lump sum, monthly payments, line of credit, or a combination.
Receiving Funds: Access your funds based on your chosen payout option.
Repayment: The loan is repaid when you sell the home, move out permanently, or pass away. The home is sold to repay the loan, and any remaining equity belongs to you or your heirs.
Benefits of a Reverse Mortgage
How Does a Reverse Mortgage Work?
How Does a Reverse Mortgage Work?
Supplement Retirement Income: Provides additional funds to cover living expenses, medical bills, or other financial needs.
Stay in Your Home: Continue living in your home without making monthly mortgage payments.
Flexible Payout Options: Choose the payout method that best suits your financial situation.
Non-Recourse Loan: You or your heirs will never owe more than the home's value at the time of the sale, even if the loan balance exceeds that amount.
Tax-Free Funds: The money you receive is generally tax-free, as it is considered loan proceeds, not income.