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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.
To qualify, these homeowners must be at least 62 years old, own their home outright or have a low loan balance that can be paid off with the reverse proceeds.
In addition, while a reverse mortgage is not based on your credit score or evidence of an income stream, you must live in your home as your primary residence. Plus, you need to have the resources to pay ongoing property taxes, homeowners insurance and HOA dues (if applicable). And you must meet HUD’s eligibility requirements.
So think about it. Are you worried about paying your current mortgage? How about getting needed home repairs, paying medical costs or simply enjoying a lifestyle you can afford?
Seriously, if your funds are stressed to the point that you may be unable to remain in the home you love, then a reverse mortgage could be the answer. And we need to talk. I can help you convert the equity in your home into a loan that better fits your lifestyle and financial objectives.
Reverse mortgages allow you to stay in your home as long as you wish.
Since aging in place is often economical and good for the soul,
reverse mortgages are a great solution.
How about using your proceeds to pay off those high interest credit cards,
pay off or buy a new car, supplement your retirement income or take a dream vacation.
Loan proceeds can be used however you wish. So many possibilities!
If you’re intrigued by the idea of a reverse mortgage, but because you don’t know its aspects or may even have misconceptions, I can address your questions.
I’ll provide the details with a clear picture of how a reverse mortgage works and how tapping into your home’s equity could be the solution you’re seeking. Since you don’t know what you don’t know, I’m here to explain everything you do need to know.
As with every mortgage decision, you need reliable information to make a proper decision, and I’m very happy to help.