Benefits

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.