Reverse Mortgage
Reverse Mortgage – Unlock Your Home’s Equity for a Secure Future
What is a Reverse Mortgage?
A reverse mortgage is a home loan designed for homeowners aged 62 and older that allows them to convert a portion of their home equity into cash without making monthly mortgage payments. Instead of paying the lender, the lender pays you, providing financial flexibility while allowing you to stay in your home.
Benefits of a Reverse Mortgage
✅ No Monthly Mortgage Payments – Keep more of your retirement income.
✅ Stay in Your Home – Maintain homeownership while accessing funds.
✅ Flexible Payout Options – Receive money as a lump sum, monthly payments, or a credit line.
✅ Tax-Free Funds – The money you receive is generally not considered taxable income.
✅ No Impact on Social Security or Medicare – Reverse mortgage proceeds do not affect government benefits.
Reverse Mortgage Process
Step 1: Initial Consultation & Eligibility Check
- Speak with a reverse mortgage specialist to determine if you qualify.
- Ensure you meet age, home equity, and residency requirements.
Step 2: Counseling & Application
- HUD-approved counseling is required to ensure you understand the loan.
- Submit a loan application with necessary documents.
Step 3: Home Appraisal & Loan Processing
- An appraisal is conducted to determine your home’s value.
- The lender reviews your financial details and approves the loan.
Step 4: Closing & Disbursement
- Sign your final loan documents.
- Receive funds as a lump sum, monthly payments, or a credit line.
Step 5: Loan Repayment
- The loan is repaid when you sell the home, move out, or pass away.
- Any remaining home equity belongs to you or your heirs.