Close to 70,000 homeowners per year are deciding to enhance their retirement with a reverse mortgage. Why?
- Enables senior homeowners to convert their home equity into tax-free proceeds
- Continue to live in your home with no mortgage payments
- Borrowers can receive payments instead of making them
- Proceeds are not considered income and will generally not affect Social Security or Medicare benefits
- Finance most of the loan's fees so there are minimal out-of-pocket expenses
- Borrowers retain title and ownership of the home, provided program requirements are met
- Reverse Mortgage proceeds can be used for any purpose, including:
- Covering healthcare costs
- Remodeling or repairing your home
- Consolidating credit card debt
- Earning additional income to meet monthly expenses
- Creating a standby cash reserve fund
With a Reverse for Purchase, the loan proceeds may be used to help you buy a new primary residence that better suits your needs.