Put Your Home to Work for You
If you are 62 years of age or better, you may be considering a reverse mortgage to add to your retirement income, eliminate debt payments, pay medical expenses, and make home improvements or more. A reverse mortgage is a loan secured by your primary residence that lets you eliminate debt payments and /or receive payments – either over time or all at once – based on the value of your home.
The Federal Housing Administration’s HECM (Home Equity Conversion Mortgage) program lets you convert a portion of the equity in your home into cash. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer live in their home.
Here’s what a few customers have said about their experiences:
“Thank you for helping us with this reverse mortgage. It really has taken a load from our shoulders.” –Barbara S.
“I would advise anyone retiring to explore the possibility of a reverse mortgage for their life goals. In my case it was a perfect solution to my financial needs.” –Jerome D.
Let’s dispel a few myths about reverse mortgages and how they impact you:
| Myth |
Truth |
| Lender owns the home. |
You continue to own your home. |
| At sometime you will lose your home. |
Simply not true. |
| Lender can force you to move. |
Not if you continue to live in the home as your primary residence, pay the property taxes, insurance and keep the property maintained. |
| You can outlive the equity. |
Payment options are available that will provide a monthly payment for life. (No matter how long you live.) |
| You must own the home with no existing mortgage balances. |
You must have equity available in your home; any existing liens will be paid off as part of the reverse mortgage process. |
| Difficult to undo. |
You can prepay at any time without penalty. |
| You’ll owe more than the value of your home. |
The loan balance that is required to be repaid is limited to the home value at the time of sale
HUD ML 2008-38(Government Insured) |
Try our reverse mortgage calculator to see how you can benefit from a reverse mortgage.
Interested in learning more? View our Frequently Asked Questions
Call us at 414-874-2489 and we can introduce you to a Reverse Mortgage Lender. Or Click here to email a Reverse Mortgage Lender.
|
Click here to print page