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Your retirement funds may come from savings, investment income, and Social Security. But now, there’s another source that may help you complete the longevity planning puzzle.
Reverse mortgages are increasingly recognized by savvy homeowners and financial advisors as a smart and safe way to leverage an important retirement asset: home equity. We’re experts in reverse mortgage financing and make the process seamless and simple. We’re dedicated to helping people learn more about this versatile financial instrument, which can help strengthen and provide liquidity to your retirement plan.
What is a reverse mortgage?
Available exclusively to homeowners and homebuyers age 62 and older, a reverse mortgage allows you to convert a portion of your home equity into TAX-FREE* funds—so you can live more comfortably, in your own home, with greater financial flexibility. Originally created in the 1980s, recent product advances and program improvements have transformed the reverse mortgage into a safe and effective retirement financing tool. For example, you can use a reverse mortgage to:
- Establish a “stand-by” line of credit of TAX FREE cash that you can tap as needed. Unlike a traditional Home Equity Line of Credit (HELOC), a reverse mortgage line of credit cannot be reduced or revoked, as long as the terms of the loan are met. Furthermore, the unused line of credit grows over time. Most importantly a reverse mortgage requires NO MONTHLY PAYMENTS**.
- Avoid selling investments at a loss in a “down” market
- Supplement retirement income with a steady stream of tax-free* funds
- Delay collecting Social Security, for a larger monthly benefit
- Pay for medical or long-term care costs
- Pay off an existing mortgage and/or other debts, to improve cash flow
- Finance the purchase of a more suitable home, with no monthly mortgage payments
Among the benefits:
- The ability to use your home equity to help maintain a more comfortable standard of living, in your own home.
- Tax-free* proceeds you can use however you choose.
- Great flexibility. You can take your proceeds as a line of credit; monthly advances for a set period of time; a monthly stream of funds for as long as you live in your home; a lump sum; or a combination of these options. You choose the plan that works best for you.
- No monthly mortgage payments. If you qualify and have an existing mortgage, home equity loan or any other type of debt, you can pay it off and improve your monthly cash flow, with no minimum monthly loan payments. (As the homeowner, you remain responsible for paying property taxes, homeowners insurance, and homeowner’s association dues if applicable.)
To learn more, contact us today.
**Homeowner is still responsible for paying property and related taxes, insurance, and maintenance.