They’re not for everyone, but they can enhance your retirement and may be the solution you have been looking for.
The cost of living is going up and seniors that have retired or are about to retire are realizing that they may not have enough cash or income to live as comfortably as they would like in their retirement years.
If you are 62 years or older, the reverse mortgage option can give you the ability to convert some of your home equity into a supplemental cash flow. It can help provide financial security while guaranteeing that you can continue to own your own home without making monthly mortgage payments. You still have to pay the property taxes and insurance, and HOA dues where applicable. It’s easy to qualify so contact us today for more information.
Recent changes by Congress to the FHA-insured Reverse Mortgage program have now made it possible for seniors to PURCHASE a home with a reverse mortgage. If you’re thinking of downsizing to a smaller home or moving to a retirement community, this could be the solution.
Please Note: the information on this webpage is based on an FHA HECM (Federal Housing Administration Home Equity Conversion Mortgage) mortgage product, which is a type of mortgage loan. There are fees associated with this loan as well as compounding interest. The loan is not a government benefit and must be repaid. There is no guarantee of financial security, and the consumer is responsible to pay the property taxes, homeowners insurance, and property maintenance fees independent of the loan, which can be a significant cost. The consumer faces a risk of foreclosure if they do not meet these obligations. For more information about the FHA HECM reverse mortgage product visit http://portal.hud.gov/hudportal/HUD?src+program_offices/housing/sfh/hecm/hecmabout