Many seniors worry that their assets won’t last through retirement.
You are not alone if you were unable to save enough money to confidently retire. Many baby boomers find themselves in the same situation.
You have options to make life affordable. A reverse mortgage helps those 62 and older use their home equity to cover expenses like travel, aging in place, and visits with loved ones so they can retire happy.
Manage the money your way with a fixed interest rate
Borrow money as needed and only pay interest on what you borrow
Receive $500, $1,000 or even $2,000 per month for life
You’ve committed to paying your mortgage for years, building home equity. With a reverse mortgage you essentially convert that equity into cash that you can access to afford retirement, making the most of the investment you’ve made in your home.
A new reverse mortgage pays off your current mortgage, eliminating monthly payments. Among other benefits, it doesn’t have to be paid off until your status at the home changes, and the amount of debt owed can’t exceed the value of the property.
Is a reverse mortgage right for you?
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At least one applicant needs to be 62 or older. You can add a younger non-borrowing spouse to the loan documents
You typically need more than 50% equity in the home for the reverse mortgage to be worth it. You must live in the home at least 6 months per year, must maintain it, and keep up with property taxes, insurance, and HOA dues.
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