Reverse Mortgage
A Reverse Mortgage is a government-insured loan for individuals 62 and older. It allows borrowers to convert a portion of their home’s equity into cash, tax-free, while retaining ownership of the home.
Unlike a traditional mortgage, there are no monthly payments. Instead, you receive payments from the lender based on your home's equity. The money can be used to pay off the original mortgage balance, help with bills, supplement Social Security, make home improvements, fund long-term planning, or cover other expenses.
While a Reverse Mortgage can provide financial flexibility, it's important to understand its features. Reach out to our team to discuss whether it’s right for you.
Who is Eligible?
To qualify for a Reverse Mortgage, you must:
Own (or have equity in) a 1-4 unit home, townhouse, approved condominium, or manufactured home
Occupy the home as a primary residence
Be at least 62 years-old. If married, one borrower must be 62 or older.
Payment Methods
Borrowers can receive payments in one of these ways or a combination:
Lump sum
Fixed monthly payment
Line of credit
Repaying a Reverse Mortgage
Reverse Mortgage payments are not due during the life of your loan. Repay it when:
The home is sold
It's no longer your primary residence
All borrowers pass away
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