Reverse mortgages aren’t for everyone, but in some cases they can help you more easily reach your retirement goals. Use these questions to evaluate your eligibility and decide whether a reverse mortgage is right for you.
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Are You a Good Candidate?
- Do you plan on staying in your home for a long time?
- Is anyone on title at least 62 years of age?
- Are most of your assets tied up in a home with good equity?
- Is the property your primary residence?
- Do you own your home free and clear or do you have a mortgage on your home you would like to pay off?
- Are you able to pay ongoing property charges such as taxes and insurance?
- Is your home a single family residence, 2-4 unit building, or HUD-approved condominium or manufactured home that meets FHA requirements?
- Do you plan to move out of the home? Reverse mortgages are for long-term homeowners.
- Does your home have low equity? Low equity leads to high mortgage rates and a loan that is prohibitively expensive.
How Can a Reverse Mortgage Help You Reach Your Retirement Goals?
- Do you want to retire early?
If you want to retire early without drawing on social security benefits, you can replace your loss of income with a reverse mortgage disbursement. Remember, the longer you defer social security benefits, the more you get in the long term.
- Do you need more retirement savings?
If you need to stretch your retirement savings, whether it’s to remodel your home or support pay for long-term, in-home care, you can use a reverse mortgage to supplement your income in lieu of drawing on a retirement investment.
- Do you want to pay down debt?
A reverse mortgage can help you pay off the balance on your mortgage or any other debt you may be holding.
- Do you want to let your investments grow?
Retirement Funds can offer hassle-free investment growth during retirement. You can use a reverse mortgage payment to supplement your income while you allow your funds to continue to grow for future tax-free withdrawals.
No Cost Options
- $0 – No closing cost*
- ZERO Closing cost plans
- ZERO Origination fee plans
- ZERO Monthly servicing fees
*Based on $175,000 minimum loan amount. 60% or less PLF utilization. Not all borrowers qualify. Appraisal and counseling fee must be paid separately by borrower.
Select a Certified Reverse Mortgage Professional (CRMP) to help you with your reverse mortgage needs. The professionals are well-versed in reverse mortgage lending and are held to strict, ethical practices.
Secure your future and make the reverse mortgage process a piece of cake with a mortgage specialist that is dedicated to helping you understand your eligibility, benefits, and options.