For many people a reverse mortgage can be a solid financial solution that may help eliminate financial concerns.
If you are 62 years of age or older and have equity in your home, a reverse mortgage can turn that equity into cash, a line of credit, monthly income or a combination thereof. Unlike a traditional mortgage, there are no required monthly mortgage payments and the proceeds are tax-free.* There is no income qualification. Best of all, you retain title to your home.
Potential reverse mortgage benefits:
- Provides easy access to the equity you have built in your home.
- Delivers increased tax-free* monthly income.
- Eliminates required monthly mortgage payments.
- Provides funds which may reduce month-to-month financial burdens.
- Allows homeowner to live in their home.
- Consult your financial advisor.