REVERSE MORTGAGE

Providing a "Sustainable" solution, helping seniors more gracefully age in place, enjoy greater financial freedom,

and live more fulfilling lives!

What is a Reverse Mortgage

A reverse mortgage is a safe and secure financial tool that may allow homeowners aged 62 and older to tap into the equity they have earned in their home.  A reverse mortgage or a Home Equity Conversion Mortgage (HECM) can help you to cover necessary care expenses, eliminate existing mortgage payments or consolidate other debts, freeing up funds for everything else.  Like a traditional mortgage, it allows homeowners to borrow money using their home as collateral for the loan. With a reverse mortgage loan, the title remains in your name. However, borrowers do not make monthly mortgage payments. Instead, the loan is settled when the borrower no longer lives in the home. Note that interest is added to the loan balance each month. Homeowners must pay property taxes and insurance, use the property as their principal residence, and keep their house in good condition.  A reverse mortgage is Government insured by the FHA.

Ways to receive money

Borrowers have the option to receive their money as a lump sum, fixed monthly payments, a line of credit, or a combination of the three.

Benefits of a Reverse Mortgage

• Great option for those who want to retire in their home but find themselves in need of additional funds to supplement their retirement income or make much needed upgrades.
• Cover care and other expenses.
  
• No more monthly mortgage payments.
• Pay off your existing mortgage.  
• Get Cash Out, pay off your debt, or any purpose!
• You own your home.
• Your heirs can inherit the home and keep any remaining equity after the balance of the reverse mortgage is paid off.

You've worked hard to pay down the balance of your home.  Now it's your turn to have your home pay you back.   

Please consult with your financial or accounting professional for all questions about your tax liabilities. Mortgage Interest and Primary Mortgage Insurance are added to your Mortgage balance and accrue daily. Homeowner is responsible and must stay current with property taxes, homeowners’ insurance and maintain their home to stay compliant with the terms of their reverse mortgage. This material is not from HUD or FHA and has not been approved by HUD or any government agency. Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government.

Contact us today to start your path to enjoying your retirement that much more!