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A reverse mortgage is a unique financial tool that lets homeowners 62+ years of age use the equity they have accumulated in their homes by turning it into extra cash or monthly income with no repayments. By converting equity into income, a reverse mortgage can give you cash for any purpose– whether you want it for living expenses, paying off existing debt, healthcare, learning new skills, getting a college degree, or even seeing the world with family and friends. And best of all, you retain the title and remain living in your own home!
 Facts About Reverse Mortgages:
• You must be a homeowner 62+ years of age
• You own your home and retain the title
• You can live in your home for as long as you choose
• No repayment is made until the home is sold, or the owner permanently moves out or passes away
• You will never owe more than the value of your home
• No income, credit, or employment qualification
• Interest is paid at the time the loan is repaid
• When the loan is due, your heirs have choices — they can repay the loan and keep the house, or sell the home and repay the loan
• You can fund estate taxes and maximize legacy asset transfer*
• Social Security benefits and Medicare are generally not affected by a reverse mortgage; however, please consult appropriate government agencies regarding your situation
• Closing costs can be financed as part of the loan
A reverse mortgage offers you these benefits:
• Eliminates existing mortgage payments
• Delivers increased tax-free monthly income
• Provides a cushion against unexpected expenses
• Allows for long-term care or home healthcare planning
• Unlocks money to fund home repairs or renovations
• Establishes a financial resource to help grandchildren or loved ones
• Reduces or could even pay off debt
• Enables you to keep the title and live in your home for as long as you choose
• Helps you to remain financially independent
• Gives you more options as an estate planning tool that can fund estate taxes, maximize legacy asset transfer, and pay for healthcare
• Provides the security of a U.S. Government Guarantee
*Consult your tax advisor.
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