A Reverse Mortgage enables homeowners 62 years of age or older to supplement their retirement income with tax-free cash. With a Reverse Mortgage, you don't make payments - you receive them, it's the perfect mortgage for people on a fixed income. This type of loan is not due or payable as long as you occupy your home as your primary residence.
There are many benefits, including:
- Proceeds are tax-free.
- No monthly mortgage payments are required.
- You can use the cash any way you choose.
- You can continue to own your own home.
To qualify for a Reverse Mortgage you must:
- Be at least 62 years of age.
- Occupy your home as your primary residence.
- Own your home free of debt or have a small mortgage balance remaining.
The amount of money you receive is based on your age and your home's current market value. The funds are available for any purpose you choose, such as:
- Home improvements/repairs
- Medical expenses
- Debt repayment
- A second home or condominium
- College fund
- Increasing your monthly cash flow
If you're 62 or older you may qualify. Approval is subject to a financial assessment, age and property qualifications. Terms, fees and conditions may apply. Homeowners Insurance is required.