Reverse Mortgages
For those over 62 years of age who own or substantially own their home, there is an excellent way to use the equity in your home without taking out an equity line which must be repaid or having to sell your home and move somewhere else.The equity you obtain from a reverse mortgage can be used for any reason, including living expense supplement, health care, long term care, second homes, vacations, etc. You have great flexibility in that funds can be taken as a lump sum, an annuity, or establishing a credit line to draw against. These funds are also typically not taxable.
Reverse mortgages do not have to be repaid as long as you own and occupy your primary residence. You do not need income to qualify, and you do not have to make monthly repayments. The amount you qualify for depends on your age, the value of your home, the county you live in, and the interest rate in effect at the time.
For detailed information on how reverse mortgages can help seniors, please contact us.