A reverse mortgage is a way to turn the equity locked in your home into tax-free cash without having to make any monthly mortgage payments, as long as you comply with your loan obligations. The funds you receive can be used for almost anything including paying off your existing mortgage (required as part of your loan), paying off credit card, medical and other bills, or simply improving your lifestyle.
Already used by more than half a million households across the United States, a Home Equity Conversion Mortgage (HECM) or reverse mortgage is a government-insured loan that enables seniors to gain financial independence from their ever-increasing living expenses. And the best part: you continue to own your home.
Did you know?
93% of borrowers said that a reverse mortgage had a positive effect on their lives. - AARP National survey of reverse mortgage shoppers..