With the right plan, retirement can be more fulfilling and easy to achieve. A reverse mortgage might help you make your dreams come true!
With a reverse mortgage, you can borrow against the equity invested in your home.
You will have more money available during retirement, and you can stay in your home.
What is a Reverse Mortgage?
A Reverse Mortgage is a loan which Senior homeowners can use to borrower against the equity in their home. In doing so, funds may be available that you can use when you really need to.
By borrowing against your equity with a reverse mortgage, you can receive the cash you need to spend for any purpose you want.
You Have the Retirement Dreams, We Have the Solutions
Since there are no restrictions on what you do with reverse mortgage, you can use it literally any way you wish.
Whatever your dreams, be they large or small, practical or personal, a reverse mortgage is your means to make them happen.
- Cover medical bills.
- Repair your home or upgrade it.
- Put a down payment on a vacation home.
- Purchase or repair an automobile.
- Fund education for yourself or a family member.
- Make an emergency fund.
- Pay monthly expenses and bills.
Those are just a few examples!
Benefits of a Reverse Mortgage
- It is your decision how to use your reverse mortgage funds. No restrictions stand in your way.
- You can stay in your home with a reverse mortgage for the rest of your life. *You must continue to pay property taxes, homeowner’s insurance and maintain the home, as with any mortgage loan. The lender will place a lien on your property, which could result in foreclosure in the event the borrower fails to comply with the terms of the loan.
- There may be tax benefits (your tax advisor can help you assess if this is the case in your situation).
- The loan does not come due until a maturity event. *What is a maturity event that will cause the loan to become due and payable? The borrower (or last borrower in a joint reverse mortgage) passing away, or Selling the property, or Transferring the title to someone else, or Moving out of the home for more than 12 consecutive months, or Not paying property taxes or homeowners insurance, or Not maintaining the home.
Qualifying for a Reverse Mortgage
To qualify for a reverse mortgage, you must:
- Be at least 62, or another borrower must be at least 62.
- Meet certain requirements with respect to your credit score, tax history, and income.
- Be current on home maintenance payments.
- Have enough equity in your primary residence to borrow against.
Apply Now for a Reverse Mortgage
We are licensed in Michigan, Alabama, Colorado, Connecticut, Florida, Indiana, Iowa, Kentucky, Louisiana, Massachusetts, Michigan, New Hampshire, North Carolina, Ohio, Pennsylvania, Rhode Island, and Tennessee.