Are you a senior homeowner looking to stay in your home or increase your income? Reverse mortgages are a popular choice. The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage insured by the U.S. Federal Government and is available through an FHA-approved lender.
With the HECM, you can tap into your home's equity to cover home maintenance, repairs, or daily expenses. Plus, you can continue living in your home as long as you keep up with property taxes and homeowner's insurance.
With a reverse mortgage, you can access your home equity to receive a lump sum of money or monthly payments. These payments can be used to supplement your retirement income or cover any unexpected expenses.
If you and your spouse are both 62 or older, are financially stable, can maintain your home, and have considered the needs of your heirs, a reverse mortgage might be the perfect solution for you. And if your home's value is increasing, it's even better.
To qualify for a reverse mortgage, you need to be at least 62 years old and either own your home outright or have significant equity. Your home must be your primary residence, and you must maintain it in good condition. Additionally, counseling with an approved reverse mortgage counselor is required.
When it comes to finding the right reverse mortgage lender, it’s important to do your research. Make sure to look for lenders who have experience in reverse mortgages and are willing to work with you to find the best loan for your needs. It’s also a good idea to shop around and compare different lenders to get the best rate and terms. We’re here to help answer any questions you may have like ‘How is a reverse mortgage different from a traditional mortgage?”