What Is a Reverse Mortgage?
Reverse mortgages are available for qualifying homeowners that meet the minimum age requirement and own their home – this is where your history of homeownership really pays off! This mortgage program helps homeowners gain access to their equity, stay in their home, and possibly eliminate a monthly mortgage payment.
Reverse Mortgages Are Great for Homebuyers Who:
- Are 62 years of age or older
- Occupy the home as their primary residence
- Want to purchase a new home with a flexible monthly mortgage payment or eliminate their monthly mortgage payment
- Want to convert equity into cash (while you retain ownership)
Advantages of Reverse Mortgages:
- No income, employment, or credit qualifying restrictions
- Home counseling required
- No repayment is required until the borrower no longer uses their home as a residence
*These materials are not from HUD or FHA and were not approved by HUD or a government agency.
With a Reverse mortgage, you defer monthly payments, and the amount owed becomes a lien on the property. Any equity you elect to have paid to you is then added to that lien amount with any interest accrued.
Ready to get started?
A Reverse mortgage can be a great option for those seeking access to the equity built up in their home over the years. Contact us today to determine if a Reverse mortgage is the best option for you.