If your retirement income isn't stretching quite as far as you'd like, a reverse mortgage could provide the freedom you're looking for.
A reverse mortgage allows you to convert part of your home's equity into cash, providing you with the funds to pay off your current traditional mortgage and/or provide you with additional cash for emergencies or living expenses. Payments for principal or interest are not required however you must pay your property taxes, homeowners insurance and any HOA premiums due.
* Eligible properties: primary residence 1-4 unit homes, townhomes, and condominiums.
You'll have more cash to use on medical bills or unexpected expenses—or to live the retirement you deserve!
There's no need to move. Stay in your beautiful Florida home.
When you don't have to make monthly mortgage payments, you can use that cash elsewhere.
Get guidance from an expert in family budgeting, retirement planning, and reverse mortgages. Who understands your unique financial challenges as a retiree. And whose primary goal is helping you live your retirement comfortably and confidently.
A reverse mortgage may be perfect for your circumstances and goals. It may not. Either way, it's important to get 100% of the information before considering your options.
So don't settle for a 30-minute sales call. Southeast Florida trusts us because we always come to you. We sit down with you and your family, explain your options, and chat about your unique needs.
No, the lender does not own the home. You will retain the title and ownership during the life of the loan, and you can sell your home at any time. The loan will not become due as long as you continue to meet loan obligations such as living in the home, maintaining the home according to the Federal Housing Administration (FHA) requirements, and paying property taxes and homeowners insurance.
No, actually, many borrowers use the reverse mortgage loan to pay off any existing mortgage and eliminate monthly mortgage payments.*
Reverse mortgage loan proceeds are tax-free as it is not considered income. However, it is recommended that you consult your financial advisor and appropriate government agencies for any effect on taxes or government benefits.
Once any existing mortgage or lien has been paid off, the net loan proceeds from your reverse mortgage loan can be used for any reason. Many borrowers use it to supplement their retirement income, defer receiving Social Security benefits, pay off debt, pay for medical expenses, remodel their home, or help their adult children. You worked hard for this asset and prudence, along with budgeting, should be the proper approach to enjoying proceeds received from your reverse mortgage loan.
The perception of the reverse mortgage loan as an assist for the "poor" borrower is changing - many affluent senior borrowers with multi-million dollar homes and healthy retirement assets are using reverse mortgage loans as part of their financial and estate planning, and are working closely in conjunction with financial professionals and estate attorneys to enhance the overall quality and enjoyment of life.
*You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements.
Schedule your free, no-obligation home consultation. We're excited to meet you and your family—and to help you unlock the retirement you deserve!