Are you interested in a reverse mortgage but not sure how you can benefit? If you are a homeowner, 62 years and older, and have sufficient equity in your home, you may qualify for a Home Equity Conversion Mortgage (HECM). A HECM, also known as a reverse mortgage loan, allows you to access your home’s equity in cash.
You no longer have a monthly mortgage payment1
If you have a traditional mortgage on your home, replacing it with a reverse mortgage loan can eliminate your monthly mortgage payement.1 It may also increase your cash flow and provide you with more options for managing your finances during retirement.
Supplement your retirement income
What if your retirement savings are falling short of covering your expenses? A reverse mortgage may be able to provide some help. The term and tenure options allow borrowers to receive reverse mortgage payments in the form of monthly payments.
Consolidate your debt
If you have high-interest debt from credit cards or a car loan, you can use the proceeds from a reverse mortgage to pay it down.2 This is another way a reverse mortgage may increase your cash flow.
Have an emergency fund
If an unexpected expense arises, you may wonder how you will pay for it. A reverse mortgage line of credit may be an option. A line of credit grows over time,3 and is available when needed. You only pay interest on the portion you withdraw.
You can use the funds to help with aging in place
If you want to stay in your home and age in place, a reverse mortgage may provide an additional source of funds. You can use the funds from a reverse mortgage any way you want, including modifications to your home to make aging in place more comfortable.
Are you interested in learning if you can benefit from a reverse mortgage? Call (800) 976-6211 to speak with a licensed loan advisor to learn more.
1 Your current mortgage(s) and any other existing liens against the property must be paid off at or before closing. You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.
2 Your HECM loan will accrue interest that together with principal will have to be repaid when the loan becomes due.
3 The reverse mortgage loan balance grows at the same rate as the available line of credit. Line of credit growth occurs and is only a benefit when a portion of the line of credit is not used. The unused line of credit grows over time and more funds become available during the life of the loan.
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