Is a Reverse Mortgage Right for You?
Lifestyle Mortgage for Seniors™ brought to you by New South Mortgage!
A reverse mortgage can be a very effective lifestyle tool for seniors by providing additional cash to live on using the equity in their home. However, it is not a decision to be taken lightly. It’s important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you.
Get the facts from a qualified reverse mortgage originator.
A reverse mortgage may be an effective tool allowing seniors additional cash to convert a portion of their home equity into loan proceeds which could supplement their retirement. However, it is not a decision to be taken lightly. It’s important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you.
How It Works
“My house has been my home for most of my life. I can’t leave, but I can’t afford to stay.”
You live in a home that you’ve watched increase in value for years. You find it difficult keeping up with bills and healthcare expenses. You’re faced with a dilemma: sell the house—your home, which really doesn’t have a price tag—or continue to live in it and watch your financial burden increase. Now imagine this dilemma resolved.
Enter the reverse mortgage.
A reverse mortgage allows you to draw on the equity in your home without having to sell it. A “reversal” of a conventional mortgage where you would pay monthly principal and interest payments, a reverse mortgage is a loan that may allow you to receive monthly payments. The loan is repaid when you either sell your home, the last borrower passes away or no longer live there as their principle residence*. As a borrower you must continue to pay property related fees, taxes and insurance, and must maintain the home in good condition. You can use the cash payments as you wish: to supplement your retirement income, make home improvements, pay bills, or vacation. It’s all up to you.
Deciding whether or not to go forward with a reverse mortgage is a big decision. If you are still learning about reverse mortgages, click on Top 10 Reverse Mortgage Questions, where you will learn the ins-and-outs of what to expect from a reverse mortgage.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance. Credit is subject to age and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Who can benefit from knowing more about Reverse Mortgages?
- Seniors looking for extra cash for living, healthcare needs, and education.
- Adult children looking to help their senior parents get in a better financial situation.
- Trusted Advisors (Caregivers, Attorneys, Financial Planners)
Deciding whether or not to go forward with a reverse mortgage is a big decision.
Learn more about reverse mortgages by clicking on Top 10 Reverse Mortgage Questions, where you will discover the ins-and-outs of what to expect from a reverse mortgage.