Reverse Mortgage

What is a reverse mortgage?

A reverse mortgage is a financial tool to help homeowners 62 and older tap into the potential equity in their homes. It eliminates your current mortgage payment and lets you receive your equity in a variety of ways, all tax-free. Your lender pays you, hence the term “reverse mortgage”.

How do I qualify for a reverse mortgage?

  • You must be 62 years or older.
  • You must live in your home as your main residence.
  • You must have sufficient equity.

What are the details of getting a reverse mortgage?

  • Loan closing costs are similar to a traditional mortgage.  Contact Us for more information.
  • You (or your heirs) will never owe more than what the house is valued at, if you sell the home to pay the balance. If your heirs keep the home,  the full loan balance is due.
  • You can choose the type of payment; lump-sum, monthly payments or a line of credit.
  • You keep the title to your home. You cannot be forced out of your home, as long as your insurance and property taxes are paid and you maintain the home.
  • If you hold a current mortgage, the reverse mortgage is typically used to pay off the existing mortgage. This helps increase your available cash if you need it.

Call us today to find out how a reverse mortgage can help you!

1-800-444-RATE (7283)