You’ve worked hard for the things you’ve earned. Now imagine what a Reverse Mortgage could do for you. Learn how it can help you meet your goals and allow you more freedom to enjoy life as you see fit.
What is a Reverse Mortgage?
A Reverse Mortgage or Home Equity Conversion Mortgage (HECM), is a loan designed for homeowners ages 62 and older, which enables them to convert part of the equity in their homes into cash. The homeowner may choose to receive their funds through regular monthly payments (for as long as they reside in the home), a line of credit, or a lump sum payment. Funds received from a Reverse Mortgage can be used for any purpose, like to help fund retirement, pay for healthcare, or manage other expenses.
As with any mortgage, you own your home, but what makes a Reverse Mortgage unique is the flexible repayment feature that allows you to make any size monthly payment you want — or none at all. You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements. You retain ownership and title to your home, and when you pass or move out of it, any equity that remains after paying off the HECM loan goes to you or your heirs. Or, if you or your heirs want to keep the property, the loan can be repaid at any time using a traditional mortgage or other assets.
Have Questions About a Reverse Mortgage Before You Apply?
We can help you determine if your home qualifies for a Reverse Mortgage and if this loan option is right for you. Call to speak with a loan expert to get started today!
Call us to get started today.
Reverse Mortgage loans may not be appropriate for certain individuals and some restrictions may prevent a homeowner from obtaining a reverse mortgage loan. All reverse mortgage borrowers are required by the federal government to meet with HUD-approved counselors to determine loan suitability. Failure to pay property taxes, hazard insurance, or maintain the residential property can result in a loan default requiring immediate repayment of the loan balance or foreclosure. Interest, mortgage insurance and other fees will accrue annually until the loan balance is repaid in full.