Reverse Mortgage

What is it?

Reverse mortgages are an innovative way for homeowners, ages 55 and above, to leverage the equity they have earned in their home. Reverse mortgages differ from standard mortgages because the repayment of the loan is deferred. While traditional mortgage loans require borrowers to make a payment every month for a set number of years, reverse mortgages typically require no monthly mortgage payments. Borrowers are, however, responsible for paying things like property taxes, homeowner’s insurance, and home maintenance.

Options to suit you best!

Reverse mortgages allow borrowers to receive a lump sum upfront or draw down on the loan balance over time. Borrowers may continue to defer repayment for the life of the loan (so long as they adhere to the loan terms). The loan becomes due if the borrower moves, sells the home, or passes away.

As part of a retirement financial plan

Reverse mortgages can work to support homeowners with financial planning for retirement. There are many aspects to the way reverse mortgage loans work that can benefit seniors who are looking to supplement their retirement income.

Common misconception

A common misconception about how reverse mortgages work is that the lender takes ownership of the borrower’s home. This is false. Under a reverse mortgage, the borrower will continue to maintain ownership of their home.

How can I help?

As with all loan products, it’s best to have a full understanding. Call me and I can walk through today’s Reverse Mortgage options.