REVERSE MORTGAGE LOANS
Reverse Refinance By trading in your old mortgage loan for a new Reverse Mortgage – one with new terms, senior homeowners can access cash and/or virtually eliminate their traditional monthly mortgage payment.
Reverse For Purchase Relocate or right-size! In retirement, your housing needs may change and you may no longer need that large family home. We can help you evaluate to see if moving into a more practical home or living community that better suits your budget, lifestyle and long term retirement plan. Again, virtually eliminating your traditional monthly mortgage payment that comes with a normal purchase.
Reverse Mortgage will help you to live a better retirement!
What does a better retirement mean to you?
Nowadays, when it comes to planning your needs for retirement, there is no silver bullet. And what more older adults today are finding out is that by incorporating home equity into their plan, they can achieve a better financial outcome. And a better outcome generally means a better stable retirement.
But “better” is different for everyone. Have you thought about yours?
Maybe your better is making overdue home repairs or paying off a large bill. Maybe it’s taking an extended trip to visit your family and friends. Or maybe it’s just knowing that your finances are more secure and that you’re better prepared for the unknown.
CONSIDER THIS FACT: Your home has likely grown to be your largest asset. And today, seniors are sitting on more than $6.6 trillion of unused home equity. So why not use that home equity to help you achieve a better retirement?
More than a million homeowners have already incorporated a reverse mortgage loan into their retirement plans, and that number continues to grow because of the flexibility, control and peace of mind it provides.
If you’re 62 or older, you could be eligible for a reverse mortgage loan. Find out more about how a better retirement can be possible by chatting with a reverse mortgage professional today.
How do you qualify?
To be eligible, the borrower on title must be 62 years or older (a non-borrowing spouse may be under age 62).
The home must be the borrower’s primary residence.
The borrower must own the home and meet the financial requirements of the HECM program
It is estimated that nearly half of Americans report they have little to no retirement savings!
A reverse mortgage loan can be used in a variety of ways:
1. Pay off your existing mortgage (a requirement of the loan) and eliminate monthly mortgage payments although you still have to pay property taxes, homeowner’s insurance, and maintain your property.
2. Use the boost in finances to make your retirement savings last longer.
3. Use a HECM reverse mortgage growing line of credit to build a safety net for unplanned emergencies, home repairs and health care expenses, or to preserve your investment accounts during market downturns.
4. Supplement your retirement income with monthly payments for a fixed term or for the rest of your life.
5. Use a HECM for Purchase loan to buy a home that better suits your needs.
6. Support your aging-in-place expenses, like care-giving and home modifications.
Five advantages of HECM reverse mortgages:
1. There are no monthly mortgage payments.*
2. Your loan proceeds are tax free. (Consult your tax advisor.)
3. You remain the owner of your home.*
4. The loan is insured by the federal government.
5. A HECM is a non-recourse loan, which means you will never owe more than your home is worth.
*With a reverse mortgage – like any home loan – foreclosure is possible for reasons including failure to maintain the property and to pay property taxes and homeowner’s insurance
Ways to Use a Reverse Mortgage Loan For a Better Retirement
Because a person’s home is likely their largest asset, retirement researchers and financial planners highly suggest using home equity as a strategy for increasing retirement finances.
Below are some possible uses:
1. Instead of taking a lump sum, consider accessing your home equity as a monthly check to supplement your regular income.
2. Put off taking your Social Security benefits to allow your monthly benefit payment to grow.
3. Use a reverse mortgage line of credit as protection from financial market downturns.
4. Set up a standby reverse mortgage line of credit so that money is available if unexpected expenses arise.
5. Use a HECM for purchase loan to eliminate mortgage payments when downsizing or moving to a new home.