What Is a Reverse Mortgage?
Looking to make the most of the equity you've acquired in your home? Today, there are more homeownership options for retired individuals and couples than ever before. Whether you're looking to pay off bills or would just like additional income to enjoy your retirement, a Reverse Mortgage may be the answer for you!
Request your FREE personalized Reverse Mortgage Report!
If you are age 62 or older, own and live in your home free and clear, or have a minimal remaining mortgage balance, our Reverse Mortgage programs can help you receive extra income. A Reverse Mortgage allows you to borrow against the equity you've established in your home without repaying the loan for as long as you live there. Instead of making monthly payments, you can choose to receive them! That's the “reverse” part.
For many older homeowners, a Reverse Mortgage is an effective way to convert home equity into flexible, tax‑free* income. The benefits are numerous:
• No credit or income qualification required
• No monthly payments
• Does not affect Social Security or Medicare
• Insured by the Federal Government
• Continue to live in your own home and retain legal title
• Increase your financial independence Receive tax‑free* income from the cash advances
• Obtain immediate cash advances in addition to monthly income
• Enjoy the flexibility of determining how you wish to receive your cash disbursements: fixed monthly
payments, a line of credit, a lump sum cash advance, or a combination of the plans
• Adjust your payment option to meet your current circumstances
• Have peace of mind knowing that you and your heirs have no personal liability for the repayment of the loan
since it is secured solely by your home
• Relax . . . knowing that you owe nothing until after you no longer occupy the home as your principal
residence
Request your FREE personalized Reverse Mortgage Report!
Reverse Mortgage vs. Traditional Mortgages or Home Equity Loans
A Reverse Mortgage is the opposite of a traditional mortgage. With a traditional mortgage or home equity loan, you borrow a large amount of money and make monthly payments. You must also have a sufficient debt‑to‑income ratio to qualify and make monthly mortgage payments.
A Reverse Mortgage pays you, and is available regardless of your current income or debt‑to‑income ratio. With a Reverse Mortgage you receive either regular monthly payments,a lump-sum, or “on-demand” through a line of credit. Re‑payment is only required at the end of the reverse mortgage loan, typically, when you no longer occupy the home as your principal residence
