Need a Reverse Mortgage?
Below are some points to see the plus side of what a reverse can do for you!
- You’ll have a new stream of income. Reverse mortgages are set up to help folks 62 and older receive a cash payment in exchange for equity in their home. The older you are, the more money you’ll be eligible to receive. Whether you have high medical bills, need long-term care insurance, need to repair your home, or want some extra spending money, a reverse mortgage could help you realize your financial goals.
- You choose how you receive the mortgage proceeds. When you apply for a reverse mortgage you’ll have the option of choosing whether you want to receive the money as a lump sum payout, through regular payments, or a combination of both.
- You don’t have to repay the reverse mortgage until you leave your home. As long as you keep up the insurance and tax payments, you can stay in the home as long as it’s your principal residence.
- No credit qualifying–HECMs pay you, not the other way around Getting approved for a reverse mortgage won’t depend upon your credit score, so you could qualify for a loan even if you don’t have the best credit.
- You can still receive government benefits such as Social Security or Medicare. Furthermore, advances from reverse mortgages are not taxable.
- You can use a reverse mortgage to buy a house with the HUD purchase reverse mortgage program. This can be especially useful if you want to downsize to a less expensive home.
- There are no income qualifying requirements for obtaining a reverse mortgage. In fact, it doesn’t matter what your current income is to qualify.
To find out more info on programs available, please call 888-713-2929 to speak to one of our Loan officers standing by.