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August 25, 2023
If you’re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, you may wish to considering a reverse mortgage. It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills..
With your typical mortgage, you make monthly payments to the lender. In a reverse mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. The proceeds of a reverse mortgage generally are tax-free, and many reverse mortgages have no income restrictions.
As with any financial instrument or decision, it is important for the borrower to understand all of the ramifications associated with a reverse mortgage.
If you are considering a reverse mortgage or would like more information on them, please click on the links below. If you have any questions, please feel free to call my office or the office of Residential Finance Corporation listed on the brochure.Reverse Mortgage Information