WHAT IS A REVERSE MORTGAGE?

Reverse mortgage loans are a way for older homeowners to convert their home's value into tax-free cash, without having to sell or move. Insured by the U.S. government, the Department of Housing and Urban Development (HUD) allows Homeowners who are 62 or older can borrow against the equity of their homes.

Many senior homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.

Why get a reverse mortgage?

You can access cash or buy a home without having to make a monthly payment. This allows you to create financial stability without having to make a monthly payment.

When it comes to getting your payment, you determine how you’d like to receive your funds based on your individual financial needs and objectives. For example:

• A monthly payment will supplement your income each month.
• A lump sum will provide your available funds at once, subject to initial disbursement limits.
• A line of credit will allow you to withdraw cash as you need it.
• Any combination of the above will give you the added value of flexibility to meet your personal financial requirements.