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What Is a Reverse Mortgage?

A reverse mortgage is a specially designed financial tool available to individuals who are at least 62 years old.

A reverse mortgage is a specially designed financial tool available to homeowners and homebuyers who are 62 years or older that might allow them to:

  • Convert part of the equity in their homes into tax-free retirement funds

  • eliminate an existing mortgage payment

  • provide the means of purchasing a new primary residence that is better suited for their long-term retirement plans

A reverse mortgage program is ideally suited to be part of a balanced retirement plan that can also include Social Security, pensions, IRA’s, insurance products, long-term care plans, and other investment and retirement vehicles.

The reverse mortgage was designed to help retirees use the accumulated wealth in their homes to meet the demands and expenses of years or decades spent enjoying retirement. These programs can help cover monthly living expenses, pay for health care needs, replenish a rainy-day fund, or as a means of taking pressure off other assets. However, there is no restriction on how reverse mortgage proceeds can be used so it can be designed to meet your unique and specific needs. This program has been specifically created to provide benefit and flexibility to last throughout the remainder of your retirement.

Contact us today to find out how a reverse mortgage may fit into your retirement plan.

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