A reverse mortgage lets homeowners age 62+ borrow against the equity in their home and receive cash—without making monthly mortgage payments.

How it works

• The lender pays you (lump sum, monthly payments, line of credit, or combo).
• Interest accrues over time and gets added to the loan balance
• You keep the title to your home.

The loan is typically repaid when:

• You sell the home.
• You move out permanently.
• You pass away, at which point the home is sold and proceeds pay off the loan.  Any leftover equity goes to you or your heirs.

Requirements:

• You must live in the home as your primary residence.
• You still pay property tax, insurance and maintenance.
• Most reverse mortgages are federally insured HECMs (Home Equity Conversion Mortgages).

Pros

• No monthly mortgage payments.
• Can supplement retirement income.
• Flexible payout options

Is a reverse mortgage a smart move for you? To find out, contact us today. You’ll get an honest opinion on what’s most advantageous for you.