Make The Most Of Retirement!Homeownership is likely the most important investment you've made on the road of life. When you retire and your income needs change, the equity you've built in your home over the years can serve as a resource to provide financial security and peace of mind. If you are a homeowner age 62 or older looking to supplement your income or prepare for unexpected or future expenses, a reverse mortgage may be just the solution for you. Now's the time to put your home to work for you.
What Is A Reverse Mortgage?
A reverse mortgage allows you to borrow against the equity you've established in your home. Instead of making monthly payments, you can choose to receive them. That's the ''reverse" part of a reverse mortgage. To be eligible, you must be age 62 years or older and own your home free and clear or have an existing mortgage balance that can be paid off by the reverse mortgage. You'll want to consult a tax advisor to confirm this, but in most cases a reverse mortgage gives you access to tax-free funds, though it may impact your eligibility forsome needs-based programs.
How Does It Differ From A Traditional Home Loan?
With a traditional mortgage or home equity loan, homeowners qualify based on their credit history and debt-to-income ratio. They borrow money which requires making monthly payments. With a reverse mortgage, your home makes payments to you and there are no income, employment or credit score qualifying restrictions.
Why Get A Reverse Mortgage?
A reverse mortgage can give you access to your home's equity without the burden of monthly payments - allowing you to cover your expenses and stay in your home or purchase a home ideal for you. Reverse mortgage proceeds may be used for any purpose, including:
- Eliminating your existing mortgage
- Meeting daily or monthly expenses
- Covering healthcare expenses
- Remodeling or home repairs
- Reducing credit card debt
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