Safely Finance Your Retirement
Many retirees are finding it difficult to fund their retirement on a fixed income. Reverse mortgages allow homeowners age 62 and older to convert their home’s equity into cash. By accessing equity, older Americans are able to help supplement retirement, pay for medical bills and provide financial security for unexpected life events.
Reverse Mortgages are insured by the Federal Housing Administration and closely regulated by the government, making them a safe solution for many homeowners. In fact, you can never owe more than your home’s value at the end of the loan term. Since the loan doesn’t need to be repaid until the last living borrower dies, moves or sells the home, a reverse mortgage is a wise long-term financial solution for many.
You may qualify for a reverse mortgage if you:
- Are at least 62 years of age
- Own your home and use it as your primary residence.
- Have paid off all, or a portion of, your mortgage.
- Are financially capable of paying your homeowners insurance and real estate taxes.
- Continue to maintain your home, including making any necessary updates or repairs.
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How Can A Reverse Mortgage Help You?
A reverse mortgage puts you in control of your financial future. After being approved, you have several options. You can opt for a line of credit and decide how much money you want to access and how to use it. Many homeowners opt for the security of regular, monthly payments. However, you can also request a lump sum amount to help relieve the burden of debt or large medical expenses.
The amount you qualify for depends on your age, your home’s value, and location. Zero fee loans are available and the approval process is fast and efficient. Our reverse mortgage specialists are available to guide you through the process and answer all of your questions. You can also find additional information on our resources page and by subscribing to our newsletter.