What is a Reverse Mortgage?
A reverse mortgage is a loan secured against the value of your home. It lets you unlock the value in your home without having to sell or move. The money you receive is tax-free and yours to use as you wish.
- Pay off debts
- Improve your home
- Handle unexpected expenses
- Improve your day-to-day standard of living
- Make a special trip or purchase
Benefits of a Reverse Mortgage
KEEP YOUR HOME. Stay in your home and community. Maintain complete ownership and control of your home as long as you choose to stay.
NO PAYMENTS. With a reverse mortgage you never have to make regular payments until you no longer live in your home.
RELIEVE FINANCIAL STRESS. Use up to 55% of the equity in your home to pay off debts or handle unforeseen expenses.
ENJOY RETIREMENT. The money you access through a reverse mortgage is tax-free.
TAKE CONTROL. Get your finances under control and gain the freedom to set your own plans and priorities.
You are required to pay your property taxes, have valid and adequate home insurance and keep your property well maintained. Some conditions apply.
Frequently Asked Questions
Will the homeowner owe more than the house is worth?
The homeowner keeps all the equity remaining in the home. In Home Equity Banks many years of experience, over 99% of homeowners have money left over when their loan is repaid. The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.
Will the bank own the home?
No. The homeowner retains title and maintains ownership of the home. It’s required for the homeowner to live in the home, pay taxes on time, have property insurance and maintain the property in good condition.
Will the loan be called if one of the homeowners passes away?
No! Surviving spouses can choose to remain in the home without having to make a regular payment (principal or interest) unless they choose to sell the home. Your Mortgage Ladies are Certified Reverse Mortgage Specialists. Please contact us today for more information on how this program may help you or a loved one.
Some restrictions may apply.