Make The Most Of Retirement!
Homeownership is likely the most important wealth-building move you made in life. When you retire and your income flow changes, the home equity you've built over the years can serve as a resource to provide financial security and peace of mind. If you are a retiree looking for a way to manage your expenses, preserve your legacy, and promote your peace of mind, a reverse mortgage may be just the solution for you.
What Is A Reverse Mortgage?
A reverse mortgage allows you to borrow against the equity you've established in your home. Instead of making monthly payments, you can choose to receive them. That's the "reverse" part of a reverse mortgage. To be eligible, you must be age 62 or older and own your home free and clear or have a remaining mortgage balance that can be paid off by the reverse mortgage. In most cases a reverse mortgage gives you access to tax-free funds, but consult a tax advisor to confirm that.
Why Get A Reverse Mortgage?
There are no restrictions on how you may use proceeds received through a reverse mortgage. You can direct the funds toward a variety of purposes, including:
• Eliminating existing mortgage
• Supplementing retirement income
• Remodeling or repairing your home
• Paying property taxes
• Covering healthcare expenses
• Planning for long-term care needs