Use A Reverse Mortgage Loan As A Strategic Financial Tool!
Once you take out a Reverse Mortgage Loan, you stop making monthly mortgage payments and only pay for the insurance, taxes and normal maintenance of the home. Get cash in a lump sum or a line of credit.
No monthly mortgage loan payments to make
Borrower continues to pay taxes, insurance and maintaining the property.
Benefits of A Reverse Mortgage
- You remain the owner of your home
- You can use funds for anything you choose
- Stay living in your home as long as you wish meeting the terms of the loan.
Reverse Mortgage Myths
- Hard to qualify for
- The bank now owns your home
- Reverse Mortgages are expensive
Easy to Qualify For
- Youngest homeowner must be at least 62+
- If you own your home or have equity
- Your home is your primary residence
A Reverse Mortgage Can be Used for A Purchase or A Refinance!
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.