Is a Reverse Mortgage for You?

Unlike a traditional mortgage, where borrowers make monthly payments to a lender, a reverse mortgage enables homeowners to receive payments from a lender, effectively converting a portion of their home equity into cash.

This makes reverse mortgages an attractive option for retirees, 62 years of age or older, seeking financial stability without selling their homes.

Would I Benefit from a Reverse Mortgage

Supplementing Retirement Income: A reverse mortgage creates a regular stream of income that can help cover daily living expenses, medical bills, and even pay for the purchase of a second home or investment property.

No Monthly Mortgage Payments: After qualifying, homeowners are not required to make monthly mortgage payments. Instead, the loan is repaid when the homeowner sells the property, permanently moves out, or passes away. This feature can alleviate financial burdens, particularly for retirees living on fixed incomes.

Flexibility and Control: Reverse mortgages offer flexibility in how homeowners receive the funds. They can choose to receive monthly payments, a lump sum, a line of credit, or a combination of these options.

I’m I Eligible?

To qualify for a reverse mortgage requires a homeowner to be at least 62 years old, own their home outright or have a significant amount of equity, and reside in the property as their primary residence. Additionally, borrowers are required to undergo mandatory counseling from a HUD-approved housing counseling agency to fully understand the terms, costs, and potential implications of a reverse mortgage.