What is a happy retirement? Is it peace of mind? Own your home without making monthly mortgage payments, with extra money set aside for unexpected expenses or healthcare costs. Freedom? Easily pay your monthly bills, with enough extra cash to live comfortably and enjoy the occasional luxury. Recreation & Leisure? Enjoy time hosting friends and family, participating in social opportunities and pursuing your favorite hobbies. Travel & Adventure? Look forward to taking that long-awaited vacation or family cruise, sooner rather than later.
A Reverse Mortgage is a loan that allows you to access some of the equity in your home to obtain cash now. The amount you receive is primarily based on current interest rates, age of the youngest borrower, and appraised value of the home (up to certain limits).
As with any other major financial decision, you should carefully consider all the facts and get expert advice before choosing a Reverse Mortgage. Fortunately, a Reverse Mortgage has built-in safeguards to help you determine if it is right for you.
A Reverse Mortgage may be the perfect financial option if you are a senior homeowner seeking additional cash for retirement. After you have had a chance to take stock of your situation and assess your goals, schedule a meeting with your Reverse Mortgage loan professional, to discuss how we can help you fulfill your wishes for a financially independent, enjoyable, and worry-free retirement.
Repayment is not due as long as you live in the home as your primary residence, continue to pay required property taxes and homeowners insurance, and maintain the home according to FHA requirements. You or your heirs will not be required to repay more than the value of your home at the time the loan is repaid, even if your loan balance exceeds the value of your home provided you or your heirs decide to sell the home. Best of all, any remaining equity goes to you or your heirs once the loan is repaid.
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