What is a Reverse Home Mortgage?
A reverse mortgage is designed to help senior citizens access the equity in their homes, turning it into cash to support a more enjoyable and secure retirement. This loan allows you to use tax-free funds while continuing to live comfortably in your own home. You won't need to repay the loan until the home is no longer your primary residence, and you'll never owe more than the home's market value. It’s a way to make your home work for you and enhance your financial well-being in retirement.
Top 6 Benefits
Immediate access to home
equity (ca$h)
Retain Home Ownership
No monthly mortgage payments
Retire in the comfort of your own home
Delay Social Security
Benefits
Protect your equity and estate through a life insurance policy
Reverse Mortgage Qualifications
You must be 62 years of age or older.
You must own your home or have a large
amount of equity
You must occupy the home as your primary
residence for the duration of the loan
You must complete a financial assessment