Enjoy the freedom your reverse mortgage affords you until you or your estate sells the home. However, you choose to use your reverse mortgage, know that the payment is not considered taxable income and that it will not affect any government benefits. Homeowners may choose to pay off debt, cover health-related costs, complete home renovations, travel, or supplement retirement income. You have worked hard to secure your financial future by investing in a home, it is time to make that money work for you! But, unlike a standard mortgage loan, it requires no repayment until the borrower no longer occupies the residence. These are age-based loans that allow older. A reverse mortgage is a loan that allows qualified homeowners who are age 62 or older to take part of their homes equity as cash, either as a line of credit, or monthly or lump sum payment, or combo of a credit line and payments. This calculation is determined by the Department of Housing and Urban Development (HUD). The exact percentages and figures will vary depending on several factors, including interest rates, borrowers’ ages, and home value. Depending on your age, the value of your home, and your location, you could qualify for a loan amount from $20K to $750K. A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage. The key benefit of a jumbo reverse mortgage is the ability to maximize loan proceeds for a home valued higher than the HUD maximum of 1,089,300. ![]() Reverse mortgage funds can be paid out as a lump sum, a fixed monthly payment, or as a line of credit. ![]() ENJOY THE FREEDOM AFFORDED BY A REVERSE MORTGAGEĪre you over the age of 55 and looking to unlock the value in your home? A Reverse Mortgage is the perfect tool to allow homeowners to leverage the investment they have made over the years and free up resources for any lifestyle goal with this tax-free, payment-free loan.
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