Reverse Mortgages

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REVERSE MORTAGES

Convert Your Home's Equity into a Mortgage without Monthly Payments

What is a Reverse Mortgage

Frequently Asked Questions:

QUALIFICATIONS

If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.

REPAYMENT

Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity. The money you get usually is tax-free. Generally, you don’t have to pay back the money for as long as you live in your home.

PURCHASING A NEW HOME USING A REVERSE MORTGAGE

If you sell your current home, you can use that equity to purchase a new home usually for downsizing and have NO monthly mortgage payments.