Are you worried that you have difficulties in paying your mortgage, getting needed home repairs, paying medical costs, or simply receiving the in-home care in your golden years? If your funds are stressed to the point that you may no longer be able to stay in the home you love, then a reverse mortgage could be the solution.

If you’re a homeowner who’s at least 62 years old, own your home outright or havea low mortgage balance that can be paid off at closing with the reverse loan proceeds, here are some benefits that may meet your desire to remain in your home:

  • No monthly mortgage payments*
  • Receive proceeds in a lump-sum payment, monthly payment or line of credit – or a combination thereof
  • Loan proceeds are tax-free and can be used however you wish – even to purchase a motor home and travel!

*You must live in the home as your primary residence, and have the resources to pay ongoing property taxes, homeowners insurance, and HOA dues (if applicable). Failure to do so will result in a loan default that ends in foreclosure. You must also meet HUD’s eligibility requirements.

A reverse mortgage is a unique type of home loan that allows you to withdraw a portion of your home equity. This Home Equity Conversion Mortgage (HECM) loan is FHA’s reverse mortgage program. Reverse mortgages are available for Refinance and Purchase loans for a primary residence. Home types include: single-family (1 – 4 units), FHA-approved townhomes, condominiums, or manufactured homes.

As with every financial decision, you need reliable information to make a proper decision. Let us explain what you need to know about this type of loan, so you can determine whether a reverse mortgage is right for you – for whatever your need. We’re happy to help!