WHAT IS A REVERSE MORTGAGE?
For so many seniors, a house is the biggest investment they’ve made over the course of their lives. After all, isn’t home ownership, especially one free and clear of a payment, the American dream?
So while the house payments are low or it’s paid off, your other bills continue to mount. Healthcare costs are skyrocketing and the costs of day-to-day living aren’t decreasing. Your income is likely fixed. What do you do?
Sell your home? For some, this is the best option. But for many, your home carries sentimental value far beyond any price tag. What you may not know is that your home, your biggest investment of your life, can now pay you back.
A REVERSE MORTGAGE DRAWS ON THE EQUITY IN YOUR HOME THAT OTHERWISE WOULD ONLY BE ACCESSIBLE THROUGH THE SALE OF THE PROPERTY.
The reverse mortgage loan is repaid when you either sell your home or no longer live there as your principle residence. As a borrower you must continue to pay property related fees, taxes and insurance, and must maintain the home in good condition.
The cash payments you receive are yours to do as you wish. Supplement your retirement income, make home improvements, pay bills, or take a vacation.