Reverse Mortgages are helping older Americans across the country achieve greater financial security. And enjoy their retirement years to the fullest.
Imagine having the income you need to remain living comfortably in your home in retirement - and at the same time make much needed repairs or renovations, afford quality home healthcare, or even vacation with family and friends. Over 70,000 older Americans have done that thanks to the reverse mortgage, a unique financial security tool that gives older Americans the freedom and peace of mind to fully enjoy the retirement years.
A reverse mortgage is a loan that allows seniors to use the equity they've accumulated in their homes over the years to improve their quality of life and knock down the financial barriers to independent living. By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose - whether it's day to day living expenses, home remodeling or repair, paying off existing debt, earning a college degree, or traveling the world. Best of all, you retain the title and you remain living in your home.
Homeowners who are 62 years and older can qualify and may be eligible even if there is an existing first or second mortgage. There is no income qualification. The size of the reverse mortgage depends upon the applicant's age, the type of reverse mortgage sought, the home's value, and interests rates.
For as long as a reverse mortgage is outstanding, no monthly mortgage payments are required. The loan matures when the borrower no longer occupies the home as the primary residence. This typically occurs upon the sale of the home, or if the owner permanently moves or passes away.
Reverse Mortgage Possible Uses
- Pay for home repairs and renovations
- Long-term healthcare
- Healthcare + prescription drugs
- Pay taxes
- Your grandchildren's education
- Pay off an existing debt
- Buy a boat or a summer home
- Make car repairs or purchase a new car
- Earn a college degree
- Almost anything you want
If you want to learn how a reverse mortgage will work for you, a loan advisor will visit you in your home and explain the benefits, features, income, options, and costs.