A reverse mortgage is a type of home equity loan that allows homeowners to convert some of their equity in your home into cash while retaining home ownership.
Reverse mortgages are backed by the government and FHA insured. Designed for seniors 62 and older who own and occupy their home, reverse mortgages allow eligible homeowners to access money built up as equity in their home. Benefits of a reverse mortgage include tax-free funds, no loan repayment, no income, medical or credit requirements.
There is no restriction on how the funds from a reverse mortgage are used and the borrower must pay insurance and real estate taxes each year.
Get the stability and security of a reverse mortgage retirement plan. Stay in your home you love and make use of its equity. Receive money each month and maintain the lifestyle you love without having to make monthly payments. Contact a loan officer today and see if this great option is right for you.