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Reverse Mortgages

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What are Reverse Mortgages?

For qualified seniors, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way for you to buy a home or to turn a portion of the equity in your home into cash without having to sell your home or to make monthly mortgage payments.

Benefits of Reverse Mortgages

Both the FHA Home-Equity Conversion Mortgage (HECM) and Jumbo options available
Can be used to purchase a new home or withdraw equity from your current home
You can use the money for any purpose, such as supplementing your retirement income, paying for medical expenses, or home improvements
You can choose how to receive the money, either as a lump sum, a line of credit, a fixed monthly payment, or a combination of these options
Can sell your home at any time
You or your heirs will not owe more than the value of your home when the loan is due, even if the home value drops or you live longer than expected
You can stay in your home as long as you the property taxes, insurance, and maintenance
Does not require repayment until last living borrower permanently leaves the home
No prepayment penalty
You may benefit from tax deductions on the interest you pay on the loan.
Increase your purchasing power
Talk to a reverse mortgage expert about your needs today

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