Reverse Mortgages

The Reality

Reverse mortgages are a fantastic way for elderly citizens, retirees and seniors to plan their financial strategies and live more comfortably. With today’s’ rising cost of living, it’s very common to need to supplement your income. The reverse mortgage does this by eliminating your mortgage payment, or sending you additional monthly income, or both in some cases.

Mapping out Retirement

With the drastic drop in investments we’ve seen lately, many seniors are investigating the reverse mortgage to help preserve their nest egg. The program has proven invaluable in this respect, since it completely eliminates all mortgage payments and allows you to stretch your monthly budget and preserve your retirement accounts.

What happens at the end?

Repayment is not necessary with a reverse mortgage until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate pay off the reverse mortgage plus interest to the lender.

Win/Win

If there is equity remaining in the home after the sale, your heirs/estate get that money. If you live a very long time in your home and outlive the equity, your heirs/estate can simply turn over the keys to the bank, and take no responsibility for the home, the loan, the mortgage, etc. No deficiency judgement, No 1099-C, No recourse!

Call today and find out more about Reverse Mortgages.

How much can you borrow?  Click here to find out more information. 

Reverse Mortgage Calculator