About Reverse Mortgages
What is a Reverse Mortgage?
- A unique program that converts equity into tax-free income
- No mortgage payments for as long as you live in the home
- Most reverse mortgages are government insured under the FHA/HUD program
- You keep title to your property
What can a Reverse Mortgage be used for?
- Healthcare costs & Stay in the comfort of your own home!
- Pay of existing mortgages
- Reduce burden on children
- Home repair and improvement
- Property taxes
- Increase monthly cash flow
Why a Reverse Mortgage?
- Continue to live in your own home
- Low interests rates
- Receive tax-free income
- Several ways to choose from to receive money
- Option to re-pay the loan with no penalty
- Make no payments for as long as you live in your home
- Non-recourse loan: You or the beneficiaries of your estate are not personally liable to re-pay the loan
Who should not get a Reverse Mortgage?
- If you plan on living at your home for less than 2 years.