A reverse mortgage is ideal for senior homeowners, age 62 or older who would like to turn their home’s equity into income.
A reverse mortgage is a type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance.
Senior homeowners, age 62 or older, can turn their home’s equity into income with a reverse mortgage.
You can continue to own and live in your home. Choose to receive your funds as a monthly payment, a lump sum payout, or as a line of credit to draw from as you have a need.
A reverse mortgage can help…
- Provide a tax-free income supplement
- Protect against unexpected expenses
- Increase monthly cash flow
- Eliminate monthly mortgage payments