Reduce monthly payments: With a reverse mortgage, your current mortgage (if any) will be paid off with your loan proceeds and no monthly mortgage payments will be required. You will only be responsible for your property taxes, homeowners insurance, and home maintenance costs.
Supplement income: You’ll receive tax-free cash1 from the equity in your home, which you can use however you please. Programs like our EquityPower reverse mortgage have loan limits that go up to $4,000,000.
Pay off debt: When you’re shelling out a majority of your monthly income on paying your mortgage, credit card or other unexpected bills can be more difficult to pay off. Many borrowers find relief with a reverse mortgage and use the proceeds to pay off their credit card debt or medical bills.
Home improvements: Use your funds on that new kitchen you’ve been longing for or for necessary updates to your home.
Reserve funds: Your new funds can allow you to have an emergency reserve fund for unplanned expenses.
Travel: Many people want to travel more in retirement. A reverse mortgage can make your dreams of travel a reality.
If you’d like to learn more about our reverse mortgage programs, we would be happy to speak with you and discuss any questions you may have. Contact us today or find a loan officer.
1 Please consult a tax advisor.