Taking a loan to buy a home means borrowing a large sum from a bank and paying down that debt to increase equity and wealth in the home. With a reverse mortgage, the opposite is true. Instead of making payments, a reverse mortgage borrower can use equity to gain income that can be used to improve their quality of life and the lives of other
Reverse Mortgages are helping older Americans across the country achieve
greater financial security and enjoy their retirement years to the fullest.
Improve Your Quality of Life
A reverse mortgage is a loan that allows seniors to use the equity they've accumulated in their homes over the years to improve their quality of life and knock down the financial barriers to independent living. By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose.
Enjoy Your Retirement Years
Imagine having the income you need to remain living comfortably in your home in retirement - and at the same time make much needed repairs or renovations, afford quality home healthcare, or even vacation with family and friends. Nearly 150,000 older Americans have done that thanks to the reverse mortgage, a unique financial security tool that gives older Americans the freedom and peace of mind to fully enjoy the retirement years.
The Possibilities Are Up to You
A reverse mortgage is a loan that allows seniors to use the equity they've accumulated in their homes over the years to improve their quality of life and knock down the financial barriers to independent living. By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose - whether it's day-to-day-living expenses, home remodeling or repair, paying off existing debt, earning a college degree, or traveling the world. Best of all, you retain the title and you remain living in your home.
Qualifying Is Easy
Homeowners who are 62 years and older can qualify and may be eligible even if there is an existing first or second mortgage. There is no income qualification. The size of the reverse mortgage granted depends upon the applicant's age, the type of reverse mortgage sought, the home's value, and interest rates. For as long as a reverse mortgage is outstanding, no monthly mortgage payments are required. The loan matures when the borrower no longer occupies the home as a primary residnece. This typically occurs upon the sale of the home, or if the owner permanently moves or passes away.
