A Reverse Mortgage can help you achieve the retirement you’ve always imagined.
You may already have access to the funds you need because you can borrow against the equity in your home to get funds you can use today.
Any homeowner age 62 or older, with a home that’s paid off or with sufficient home equity, can apply for a Reverse Mortgage. Your home must be your principal residence and meet U.S. Department of Housing and Urban Development (HUD) standards. We can help you determine if a Reverse Mortgage is right for you and it your home qualifies.
You can use it to:
- Pay off an existing mortgage
- Postpone tapping into your savings
- Delay taking your Social Security payments to maximize your monthly benefits, or
- Create a rainy-day fund.
A Reverse Mortgage does not require monthly payments of principal and interest. However, as with any home-secured loan, you remain responsible for property taxes, homeowners insurance, and property maintenance.
As long as you meet your loan obligations, a Reverse Mortgage doesn’t need to be repaid until you sell the home or it’s no longer your primary residence. In most cases, the money you receive is not considered taxable income, and won’t affect your Social Security or Medicare benefits. As always, you should contact your tax, financial, or benefits specialist about your individual situation.
Reverse mortgages offer you many ways to get your money. You can receive a lump-sum payment, establish a credit line to use as needed, receive fixed monthly payments, or select some combination of each. We’ll help you pick the best option.
Give our Reverse Mortgage Specialist a call today and we’ll answer questions or help you work through the options.
1-888-627-2662 Ext. 4971