A reverse mortgage is a special type
of government insured loan used by older homeowners (62+) to convert part of the equity in their homes into tax-free income
without having to sell the home, or give up title. There are no income or credit qualifications and there are no monthly payments
to make. A reverse mortgage is exactly what its name implies — a loan whose features make it essentially the reverse
of a traditional "forward" mortgage. Instead of paying your lender, your lender pays you. The
money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.
The funds from a reverse mortgage can be used for anything: supplementing retirement income to cover daily living expenses;
repairing or modifying the home; covering health care expenses; paying off existing high interest debt; taking a vacation;
buying a new car or RV; paying property taxes; preventing foreclosure or gifting to family.
Eligible property types include single-family
homes, two-to-four unit dwellings, some manufactured homes, and qualified condominiums
A Reverse Mortgage is a golden opportunity
to put your nest egg to use !