REVERSE MORTGAGE LOAN
Are you 62 or older, and looking for a way to bring in more money?
It could be to pay healthcare expenses, or help fund your grandchildren’s education. Maybe you want a bigger nest egg for your retirement years. Or you’d simply like to do the traveling you always dreamed of, but never had time for when you were younger.
You have an enormously valuable asset in your possession — your house. Yet you would prefer not to move. Nor do you feel like incurring the monthly bills that come with taking out a second mortgage.
Fortunately, there’s a loan program in place especially for people like you. A reverse mortgage will convert your home’s equity into tax-free loan proceeds that you can spend without losing ownership of your house, passing any debt along to your heirs, or dealing with new monthly mortgage payments.
With a standard mortgage, you pay off the cost over time, reducing debt and increasing equity as you go. With a reverse mortgage, you get money from a lender in exchange for future ownership of your house.
But according to the terms of a reverse mortgage, ownership of your home will not transfer to the lender until you pass away, sell the house or move. As long as you’re in that home, it’s still yours.
One of our Licensed Mortgage Originators will be happy to schedule a free consultation to talk to you about the many advantages and answer any questions you may have.