Senior Citizen's Guide digital books
Senior Citizen's Guide to Detroit

Reverse Mortgages
A Smart Financial Solution

Convert part of the equity in your home into income without having to see the home, give up title or take on new monthly mortgage payments. Many homeowners, 62 years and older, are discovering the benefits of a reverse mortgage

Reverse mortgage proceeds can be used for virtually anything, it is completely up to you:

With the aging of our population, and the anticipated financial needs of mature homeowners, it is easy to see why a reverse mortgage is a retirement tool whose time has come.  It is a popular home loan that was created specifically for senior homeowners, 62 years and older, who want to convert part of their home’s equity into cash.

This is a non –recourse loan.  This means if the home equity conversion mortgage loan balance exceeds the home’s value at maturity, there is no-recourse to you, your estate, or your heirs as long as you or your estate sells the property to pay off the debt at current market value.

Stay in your home and put its equity to work for you.

A reverse mortgage may enable you to stay in your home for the rest of your life as well as supplement your financial well-being.  It is a financial solution that could help pay for a variety of expenses.

Today’s Seniors Use Reverse Mortgages to make a Difference in their lives – You can too!

Best of all, you get to decide how to receive your money.

Is a Reverse Mortgage Right for you?

Your home is probably the largest asset you own and using its equity in a reverse mortgage requires serious thought.  It may not be for everyone; however, a reverse mortgage is all about making the most of the equity that you have acquired.  This popular home loan has been helping seniors for more than a decade and their desire to do so is usually supported and encouraged by the seniors’ adult children.

There are up-front costs that can be rolled into the reverse mortgage so you may want to consider other options if you plan to stay in your home for only 2 to 3 more years.  Available options include a home equity line of credit or an equity term loan.  Since every senior situation is unique, it is important that you speak to your tax or financial advisor or someone you can trust when exploring your reverse mortgage options.

Quick Answers:
The proceeds you may be eligible to receive depend on several factors:

As long as you have enough equity in your home, you may qualify for a reverse mortgage.  Basically, the older you are and the more equity in your home, the more money you can receive.  Your home must be your primary residence not an investment property.

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