Reverse Mortgages Offer Options for Seniors to Live Comfortably

Also known as home equity conversion mortgages (HECMs), reverse mortgages are emerging as opportunities for seniors or retirees to supplement income and meet financial needs through the equity of their homes.

With a traditional mortgage, debt is created against the home when receiving money though the loan and debt is reduced with payments, simultaneously increasing home equity. In a reverse mortgage, it is the opposite: you receive money based on the equity from your home with no need for monthly payments; however, home equity decreases and debt increases.

Qualifying homeowners can use a reverse mortgage to convert their home equity into tax-free cash without having to give up the home or take on an additional mortgage payment. Instead of making a monthly payment to the lender, you receive the monthly payments or a lump sum from the lender.

Let us help you to determine if a reverse mortgage is the right loan to meet your individual needs. If you qualify, it may be a great opportunity to pay outstanding bills, unexpected expenses or live life more comfortably through the retirement years.

Learn more about the details of a reverse mortgage and whether or not you qualify.