WHAT IS A REVERSE MORTGAGE?
Reverse mortgage loans offer a unique opportunity for eligible homeowners to tap into the equity in their homes without the need to make monthly payments. With a reverse mortgage, individuals aged 62 or older can leverage the equity in their homes to pay off or refinance their current mortgage or purchase a new home. The amount that can be borrowed is based on several factors, including the value of the home, the borrower’s age, and the interest rate at the time of borrowing. Unlike traditional loans, repayment of the loan is only required when the borrower no longer occupies the property as their primary residence or if they pass away. Eligible non-borrowing spouses can even continue living in the home and accessing benefits as long as they meet their specific loan obligations, such as property maintenance, taxes, or related expenses.
HOW CAN A REVERSE
MORTGAGE WORK FOR YOU?
PAY OFF YOUR EXISTING MORTGAGE
A Reverse Mortgage allows you to eliminate your current monthly mortgage payment so long as you reside in the home as your primary residence and maintain the home’s taxes, insurance(s), HOA fees (if applicable) and upkeep.
SECURE A GROWING LINE OF CREDIT
Use a HECM line of credit to supplement income or hedge against an uncertain economic future. Cash can be drawn without fear of triggering traditional monthly payments. Access unused principles over time and give yourself greater financial flexibility using your home’s equity.
PURCHASE A NEW HOME WITH HECM
Relocate or right-size into a new home that’s suited to meet your current and future needs. You can sell your existing home while buying a new one using reverse for purchase – with no monthly mortgage payments required! Borrower must maintain financial liability for property taxes, insurance, HOA fees, upkeep, and maintenance.
COMPLETE HOME RENOVATIONS
Improve your quality of life and complete those long-awaited home projects. You can choose to remodel your home or modify your home to better suit your lifestyle and needs.
KNOW THE VALUE OF YOUR PROPERTY
Know where you stand. With your up-to-date property evaluation in hand, you’ll be better equipped to choose the loan terms that fit your goals.
GET APPROVED FOR A CASH-OUT REFINANCE
Take advantage of your home’s equity with a cash-out refinance — and put your home loan to work for you.
