What is a Reverse Mortgage?
A reverse mortgage is a loan designed to convert equity in a home into available cash. While most mortgages require you to make a payment, a reverse mortgage makes payments to you! The greatest benefit of a reverse mortgage is that there are no payments due as long as you live in your home. Reverse mortgages are different than a typical home loan in the following ways:
- Your income is not a factor in being approved
- There are no monthly payments due
- It raises your monthly income
- You are protected against ever owing more than your home is worth
- You can never loose your home as long as you maintain the property and keep the taxes/insurance paid
In order to be approved for a reverse mortgage you must be 62 years or older and have equity in your home. If you fit this profile, you should consider a reverse mortgage to accommodate retirement rather then downsizing or renting. In addition, you could use the money from your reverse mortgage however you want!
With a reverse mortgage, you can receive a tax-free check each month to spend on anything you wish. Also known as a Home Equity Conversion Mortgage (HECM), a reverse mortgage can unlock the equity in your home, giving you access to cash which can be used to:
- Supplement a fixed income for day-to-day living expenses
- Pay outstanding medical bills
- Cover the cost of home repairs or renovations
- Fulfill a dream to travel the world
- Pursue a hobby or special interest
A Reverse Mortgage can transform your retirement by freeing up cash without selling your home. Key features include:
- No mortgage payment for as long as you own your home
- No income taxes are paid on the cash
- You retain title to your home
- You may sell your home at any time
- No credit, employment or income requirements
Learn More
Discover how you can take advantage of this government insured product designed specifically for seniors. To find out if a reverse mortgage is right for you, contact Juan Penzol, our Reverse Mortgage Specialist at 1-305-979-4269
Call today for more information and a no obligation consultation.
305-979-4269
