Reverse Mortgage
IS A REVERSE MORTGAGE RIGHT FOR YOU?
A Reverse Mortgage is a unique financial tool designed for homeowners aged 62 and older, allowing you to convert a portion of your home’s equity into cash. Unlike a traditional mortgage where you make monthly payments to a lender, a reverse mortgage pays you. A Reverse Mortgage may be a good fit if you are looking to supplement your retirement income, cover healthcare costs, or simply enjoy more financial freedom while staying in the home you love.
BENEFITS OF A REVERSE MORTGAGE
A Reverse Mortgage provides financial flexibility for retirees, allowing you to tap into the wealth you’ve built in your home. You can:
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eliminate your standard monthly mortgage payments (borrowers are still responsible for property taxes, homeowner’s insurance, and home maintenance)
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receive your funds as a lump sum, monthly payments, or a line of credit
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continue to live in and own your home
This program offers a secure way to access tax-free cash and improve your cash flow during your retirement years.
GENERAL REVERSE MORTGAGE ELIGIBILITY REQUIREMENTS
Eligibility is typically based on the age of the youngest borrower on the title (must be at least 62 years old), the amount of equity currently in the home, and the current interest rate. The property must be your primary residence, and you must own the home outright or have a small enough mortgage balance that it can be paid off by the reverse mortgage proceeds. Requirements and available loan amounts vary based on the lender and your unique financial situation.
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