STEP 1: Estimate the value of your home
STEP 2: Estimate the amount of equity in your home
STEP 3: Qualify you for the reverse mortgage
STEP 4: Close your Reverse Mortgage loan!
How can I use a Reverse Mortgage to my advantage?
Example 1: TAP YOUR EQUITY– Use your equity for living expenses, home repairs, traveling, etc. You can get cash at closing, a line of credit, monthly payments for a specified term, or any combination of those, depending on your qualifications. You can do this without having to repay your loan.
Example 2: PURCHASE A NEW HOME– A reverse mortgage is a great purchase option. Let’s say you want to downsize but use as little of your equity as possible for the new home. You can put a lower down payment on the new home, take out a reverse mortgage, and live mortgage free for the remainder of your life in the new home.
Example 3: ELIMINATE CURRENT MORTGAGE PAYMENTS– You can use a reverse mortgage to payoff your existing mortgage and not have a mortgage payment for the rest of your life.*
Financial Freedom and Peace of Mind
Elminate monthly mortgage payment* which frees up cash for property repairs, travel, in-home care, and any other expenses needed
Take your equity as monthly payments (if qualified) to increase cash flow
Delay taking Social Security benefits- which increases monthly Social Security payments later in life
Make retirement savings last longer by decreasing monthly distribution amounts
Reverse Mortgages are government insured, which means they are stable and safe
You will never owe more than the home is worth
Downsize and buy smaller home using a reverse mortgage which allows for a lower down payments and no loan repayment.