Reverse Mortgages

Reverse Mortgages

Many seniors are looking to retire, but aren’t sure how to afford it. While savings/retirement plans that include stock options, etc, have sunk in value in the past decade, there are still other options available that allow for a comfortable retirement. Many retirees have homes, and have been faithfully paying their mortgage.

Regardless of whether your home is paid off in full, or balance is low, a reverse mortgage home loan can help turn this asset into a source of income. This loan is offered by the Federal Housing Administration(FHA) to assist seniors who need cash and have equity in their home. By speaking to a mortgage banker, you can learn how a HECM loan can achieve your financial goal.

Facts About Reverse Mortgages

Your age matters. The minimum age to qualify for a reverse mortgage is 62.
Income doesn’t matter. You don’t need any sources of income in order to qualify for a reverse mortgage. Your home is your income! Traditional mortgages require a source of income, reverse mortgages do not require any source of income at all.
Value of your home matters. The more equity you have in your home, the more money you can qualify for with a reverse mortgage.
You can stay in your home. Reverse mortgages make it possible for you to stay in your home, without fear of getting kicked out. As long as you pay your local taxes, you’ll never have to worry about foreclosure.
Pay your bills. Having a reverse mortgage is a great way to get income, without having a job. With a reverse mortgage, you can get funds in one lump sum, or in varying/regular intervals.
Current loan. Your current loan can be paid off using the funds from a reverse mortgage. This enables you to be debt-free.

The older you are, the more funds you can get out of the reverse mortgage. Reverse mortgages are complex loans – there are many factors that influence them: rate structure, payout schedule, the amount of funds you needs, your age. An experienced reverse mortgage lender will help you by working closely with you to create a financial retirement plan that puts you in a position of power.



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