Unlike a traditional home loan, homeowners with a reverse mortgage don’t have a monthly mortgage payment. Instead, a reverse mortgage allows the homeowner to borrow part of their home’s equity as tax-free income to free up cash flow. Typically, this cash flow is used to supplement retirement income or medical expenses, cover the cost of home repairs, pay for a child’s college education, and more. For homeowners 62 and older who have paid off their mortgage, a reverse mortgage is a useful tool to live life on their terms.
Reverse mortgages have unique qualification requirements. Our team is well-versed in these requirements and the specifics of reverse mortgages and can help you determine if a reverse mortgage is right for you. Call us today to speak with a reverse mortgage expert!Learn More