Reverse Mortgages
Turn your home's equity into your financial freedom—enjoy your golden years with peace of mind.
What is a Reverse Mortgage?
A reverse mortgage, or Home Equity Conversion Mortgage (HECM), is a type of home loan available to homeowners 62 or older who have considerable equity (usually at least 50%) in their home. This financial tool can benefit people who need additional cash flow for other expenses, as the value of their home’s equity can be converted to cash, eliminating monthly mortgage payments. Borrowers use the equity in their home as security for the loan, and can receive funds as monthly payments, a line of credit, or in a lump sum. This is called a “reverse” mortgage, because in contrast to a traditional mortgage, the lender makes the payments to the borrower.
Reverse Mortgage Requirements
Age Minimum of 62
You must be at least 62 to qualify for a reverse mortgage.
Only for Primary Residence
You can only get a reverse mortgage on your primary residence, not a second residence or vacation home.
Good Financial Standing
You can't owe federal debt, such as student loans or income tax.
Benefits
Your Spouse May Be Able to Remain in the Home
If you pass away, your non-paying spouse might be able to stay in your home instead of selling, this can bring you peace of mind later in life.
Reverse Mortgage Are Immune to Devaluation
If you take out an HECM, you don't have to worry about declining home values.
You Can Stay in Your Home
If you’re struggling to pay your mortgage or other bills, a reverse mortgage will eliminate your monthly mortgage payment and provide you with an extra income stream. This might provide enough financial relief to afford staying in your home.
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Derek is always a pleasure to work with. I’ve known him for several years now and anyone that I know of that is looking to purchase a property I always refer them to Derek. He takes the time to answer questions and really cares about his clients. It’s nice that he stayed in touch with us long after we’ve purchased our properties going through him and his team.
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