Reverse Home Mortgages
If you are home owner of 62 years old or older you may qualify for the benefits of a reverse mortgage
• Establish a rainy day fund
• Supplement your income
• Refinance an existing mortgage
• Repay a home equity loan
• Pay off high-interest rate credit cards
• Pay off your car
• Be more financially prepared
• Pay for healthcare
• Cover in-home care costs
• Make or pay off a major purchase
• Home improvements
• Home modifications
• Buy an investment property
• Create other investments
Get cash out of your home for home remodels, needed repairs, monthly income and not have to make mortgage payments on the money borrowed.
If you do not have to make a mortgage payment and you receive income that means you have more money to spend on other things per month.
You can do a purchase or refinance on a reverse mortgage.
No out of pocket fees to get a reverse mortgage.
Loan proceeds that you receive from the loan are generally not considered taxable income (not tax advice; consult a tax professional).
Generally, a reverse mortgage loan will not affect Social Security or Medicare benefits. However, it is recommended to consult a financial professional to determine the potential financial implications of obtaining a reverse mortgage loan.
A reverse mortgage loan is a non-recourse loan. This means that neither you nor your heirs are personally liable for any amount of the mortgage that exceeds the value of your home when the loan is repaid.
If your home increases in value in the future, you may consider refinancing your reverse mortgage to access even more loan proceeds.
A misunderstood statement is that the “Bank” owns your home. That is 100% false. You have the deed to the home and you are the owner of the home till it is sold.