Is your mortgage payment “strangling” you? Are you worried about which bills to pay on your fixed income? Is there no joy in the Golden years because your budget is so tight? A reverse mortgage may be the answer you have been seeking.
A government-insured loan product that allows you to pay off your current mortgage—thereby eliminating your monthly mortgage payment—can provide the budget breathing room you need. You must still pay taxes and homeowners insurance. Seniors can also get tax-free cash to use for any purpose.
Even without a mortgage, you may be “house rich and cash poor.” You have paid into your home for many years and have accumulated housing wealth that can only be accessed if you sell. A reverse mortgage allows you to access the equity in your home—while you continue to live there—with cash or a growing line of credit, making life easier.
GET THE FACTS. There is a lot of wrong information floating around. With a reverse mortgage, YOU—not the bank— OWN YOUR HOME. With no prepayment penalty, you or your heirs can sell the home at any time.
Call me, your local Reverse Mortgage Specialist, to see if this program can benefit you. You owe it to yourself and your family to know your options.