Reverse Mortgage

A reverse mortgage is a loan that enables older homeowners (62 and older) to convert part of their equity in their homes into tax-free income without having to sell their home, give up title, or take on a new monthly mortgage payment.   The reverse mortgage is an excellent financial planning tool that is used by homeowners from all walks of life to enhance their retirement years.

Am I eligible?

To qualify for a reverse mortgage, you must:

  1. Be at least 62 years old (For co-owners all parties on title need to be 62 years old)
  2. Property must be a primary residence
  3. Acceptable property types include single family homes, qualified condominiums, townhouses, and 1-4 unit properties.

How much money can I get?

This depends on a few factors, including your age, the value of your home, amount of equity, and interest rates at the time of your new loan.

What are my payment options?

  1. Lump sum
  2. Line of credit
  3. Fixed monthly payments for as long as you live in your home
  4. Combination of monthly payment and line of credit

Click here to contact Jason about Reverse Mortgages.