Reverse Mortgages
Reverse Mortgages are a great opportunity to add to your financial security if you are a senior citizen and a homeowner. This govenment-insured program allows homeowners to use a portion of the equity in their home.
Features and Benefits:
- Supplemental income
- Pay off debt
- Make home repairs
- Pay for in-home care
- Buy a car
- Take a trip
- Almost anything else you can think of
- Tax-Free funds
Funds from the mortgage may be received in monthly installments, a lump sum, or a line of credit. No repayment is required until the borrower no longer resides in the home or it is sold. Proceeds from a reverse mortgage are tax-free and title to the property remains in the homeowner's name.