Many homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the equity they have built up in their homes.
A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage loan you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly installments. The money that you receive is dependent on your age, the value of your home and the current interest rate.
One of the great advantages of a reverse mortgage loan is that you are not required to pay the loan back until the home is no longer your primary residence or you fail to maintain the home, or fail to pay property taxes and/or homeowner's insurance or do not otherwise comply with the terms of the loan.
If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage loan. Contact us to find out more about reverse mortgage loans and ways to make it work for you, or apply now and start the process of tapping the equity in your home.
Reverse mortgages are often used to create extra monthly cash flow, eliminate existing mortgage payments, or fund things like medical bills, home renovations, or travel. Because there are no monthly payments required, it’s a helpful way for seniors to stay in their homes longer while improving their financial flexibility.
It’s also worth noting that the funds from a reverse mortgage loan are typically tax-free, and you retain the title and full ownership of your home — just as you would with any other mortgage. You're simply borrowing against the value you've already built. You continue to live in and maintain your home just as you always have.
Many borrowers appreciate the flexibility of how funds can be received — whether in a lump sum to handle a big expense, monthly payouts to supplement income, or a line of credit you can tap into when needed. Some choose a combination of all three, based on their long-term financial goals.
Eligibility is based not just on your age and home value, but also on your ability to meet the ongoing responsibilities of the loan. These include keeping up with property taxes, homeowners insurance, and routine home maintenance. As long as you continue to meet these conditions, you can enjoy the financial benefits of a reverse mortgage without monthly loan payments.
Whether you're looking to enhance your retirement lifestyle, reduce financial stress, or simply get more out of the home you’ve invested in over the years, a reverse mortgage loan might be the solution.
Reach out today to learn how a reverse mortgage could support your plans — and take the next step toward putting your home’s equity to work for you.