INTRODUCTION TO REVERSE MORTGAGES
A Reverse Mortgage is a home loan, used for any purpose, where seniors 62 and older (and in some cases as young as 55 years old), can access the equity (cash) built up in their home. It can also be utilized to purchase a home should you desire to be free of having to make a monthly mortgage payment.
It is called a Reverse Mortgage because although you borrow money from a lender, the lender makes monthly payments to you, rather than you making monthly payments to the lender, or they provide you with a lump sum either in cash or accessed when you want through a credit line. Funds can be used to pay off existing debt or as you see fit. All interest is paid at the end of the loan, rather than in the beginning.
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When considering the option of a reverse mortgage, it is often a decision that is shared and discussed within the family. Reverse mortgages are able to give family members the ability to retain financial independence, by accessing the wealth they have in their homes, while allowing them to live comfortably in their own homes on their own terms.
Some Of The Benefits Of A Reverse Mortgage:
Strengthen your personal and financial independence.
Help pay for health care or other family needs, retire early, defer social security to maximize payments, purchase a home without monthly payments, or simply travel the world, etc.!
You retain title to your home as long as you maintain the property tax and insurance payments.
The loan is only retired when the last surviving borrower passes, when the house is sold by you or your heirs, when all borrowers move out of the house, or when the property is refinanced.
You retain your Medicare and Social Security benefits.
Obtain your funds via a growing credit line, a lump sum distribution, a monthly payment guaranteed for life, a monthly payment that you determine for a specific term or a combination of all these options.
All funds are tax free.
In most cases there are no income or credit requirements. Qualification is based on the age of the youngest borrower (or non-borrowing spouse if applicable), the value of your home and the prevailing interest rate.