What is a Reverse Mortgage?
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A reverse mortgage
is a loan that enables homeowners 62 and older, to
convert home equity into tax-free income without
selling, giving up title, or having monthly
mortgage payments.
The payment stream
is “reversed” and the lender makes payments
to you.
Eligible property
types are single-family homes, manufactured homes built
after June 1976, qualified condominiums, and townhouses. |
Your Retirement Years Enhanced?
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You can use the
funds from the reverse mortgage for anything:
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daily living
expenses
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home repairs or
modifications
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health care
expenses, including prescription drugs or in-home care
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pay-off of
existing debts
-
lifestyle
enhancement
-
prevention of
foreclosure
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Payoff your
first or second mortgage
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and any other
needs you may have
There are no income or medical
requirements to qualify. |
What are Your Payment Options?
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You can choose how
to receive the money from a reverse mortgage:
The amount of
money you get from a reverse mortgage depends on:
your age,
The funds from a
reverse mortgage are tax-free; it's your money, not
additional income.
A reverse mortgage
will not affect your Social Security or Medicare
benefits.
Contact me to see
how much money is available to you and if a reverse
mortgage makes sense. |
Paying Back Your Loan?
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No monthly
payments are due on a reverse mortgage while it is
outstanding.
The loan is repaid
only when you:
The amount owed
can never exceed the value of your home.
When the home is
sold and the sales proceeds exceed the amount owed on
the reverse mortgage, the excess money goes to you or
your estate. |
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