If you are 62 years or older looking for a way to manage your expenses, preserve your legacy, and promote your peace of mind, a reverse mortgage may be just the solution for you.
Reverse mortgages allow you to access your equity. A reverse mortgage eliminates your monthly mortgage payment and may even allow you to receive monthly payments to supplement your income.
You can use the funds to reduce high-interest debt, supplement your retirement income, use for health care needs, pay property taxes and insurance, remodel or repair your home, grow your investment portfolio or purchase a 2nd or vacation home.
You do not need to repay the loan as long as you or one of the borrowers continues to live in the home, keep the taxes and insurance current and maintain the property. There is no requirement that the home be sold, only that the loan be repaid.
Reverse mortgage loan proceeds are not considered income and will not affect Social Security or Medicare benefits.
Find out today if a reverse mortgage is the right answer to your current financing needs.
(This material is not from HUD or FHA and has not been approved by HUD or a government agency.)