Reverse Mortgages

Reverse Mortgages

Have equity in your home? If you’re 62 or older and are looking for money to finance a home improvement, supplement your retirement income, or pay for healthcare expenses – a reverse mortgage may be for you. Reverse mortgages allow you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.

In a “regular” 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. Reverse mortgages have no income restrictions and the proceeds of a reverse mortgage generally are tax-free.

Reverse mortgages may be used on purchases in addition to refinances.

Working with Associated Mortgage Brokers

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