What are the benefits of a Reverse Mortgage?
Maintain Home Ownership
Retain your Title, Home Ownership, and the ability to live in your home. (You are still required to keep up insurance, property taxes, and maintenance of your home)
No Monthly Mortgage Payments Required
As long as you live in your home as your primary residence and continue to meet your obligations (pay property taxes, home owner’s insurance and maintain the property), no monthly mortgage payments are required. As with any mortgage you must keep up with all loan obligations.
Access Home Equity
Use cash proceeds to travel, payoff credit card debt, medical bills, improve your home, have extra cash, secure your retirement
Federally Insured
The Home Equity Conversion Mortgage (HECM) is managed by the Department of Housing and Urban Affairs and is Federally insured.
Several Payment Options
Depending on the type of loan you choose, you can receive the loan money in the form of a lump sum, annuity, credit line, or some combination of all options.