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What is a Reverse Mortgage?
If you’re 62 and older*, you can use a reverse mortgage loan to purchase a new home, or turn your current home’s equity into cash. A reverse mortgage loan gives retirees the opportunity to potentially increase their purchase power or cash flow while eliminating monthly mortgage payments. You are still required to pay property taxes, homeowners insurance, and maintain the home. Here are just a few reasons why you should consider a reverse mortgage.
*Some loan programs will allow you to get a reverse mortgage at age 55
Benefits
- No monthly mortgage payments except for taxes, insurance, and maintenance
- Growing line of credit (applies to unused funds)
- Increased discretionary cash flow
- Can sell YOUR home at any time
- Does not require payment until last living borrower permanently leaves the home
- Bridge the medicare gap
- Increase your purchasing power
Eligibility
- Borrower(s) must be 62 years or older*
- Must be a homeowner and either own home out right or have significant equity
- Must live in home as the primary residence (live there 6+ months per year)
- The property must be a single-family home, a 2 to a 4-unit dwelling or FHA-approved condo
- Must meet minimal credit and property requirements
- Must receive reverse mortgage counseling from a HUD approved counseling agency
- Must not be delinquent on any federal debt
*Some loan programs will allow you to get a reverse mortgage at age 55
What options are available to you?
A home loan that allows you to convert a portion of the equity in your home into cash. This allows you to have access to funds to help you enjoy retirement the way you wish.
Reverse Mortgage
Allows you to access more equity on a high-value property. The home value limit you can borrow against with a jumbo reverse mortgage is higher than the traditional HECM reverse mortgage.
for Purchase
A home loan that you can use to purchase a new home. It is designed to make it easier for you to afford your dream home as you move through the next exciting phase of your life.
You probably
have questions...
Here are just a few questions we get, you can view more FAQ’s by clicking below.
Over the phone we can ask you a few questions and get some basic financial information and give you the information necessary in order to see how a reverse mortgage could improve your situation.
You can fill out the form to the right and we can send you some reading material you can review.