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Reverse Mortgages for Seniors 62 and older: The Facts

This unique financial tool empowers seniors to tap into the equity of their homes, providing a steady stream of income or a lump sum payment. We understand the importance of financial security in your retirement years, so let's explore some essential facts about reverse mortgages:

  • Eligibility: Reverse mortgages are available to homeowners aged 62 and older.
  • No Monthly Payments: Unlike traditional mortgages, reverse mortgages do not require monthly repayments as long as you live in the home.
  • Tax-Free Proceeds: The funds you receive from a reverse mortgage are typically tax-free, providing an added financial advantage.
  • Loan Repayment: The loan is repaid when the homeowner sells the property, moves out, or passes away. The remaining equity goes to the homeowner or their heirs.
  • Home Ownership: You retain full ownership of your home, allowing you to continue living in it and benefiting from potential appreciation.
  • Loan Limit: The loan amount is determined by factors such as the home's value, the borrower's age, and current interest rates. The older you are, the more you may qualify for.
  • Flexible Disbursement Options: Reverse mortgages offer various disbursement options, including a lump sum payment, a line of credit, or monthly installments. Choose what suits your financial goals.
  • Financial Freedom: Reverse mortgages can help cover daily living expenses, healthcare costs, home renovations, or other financial needs, ensuring a comfortable retirement.