What Is A Reverse Mortgage?
- A reverse mortgage is a way to turn the equity locked in your home into tax-free cash without having to make monthly mortgage payments, other than property taxes and homeowner's insurance.
- A reverse mortgage is a government-insured loan that enables you to gain financial independence from your ever-increasing living expenses.
- The bank NEVER owns your home. You continue to own your property and can live there as long as you wish, provided you meet the terms of the loan, which includes maintaining the property, paying your property taxes, and insurance. The terms to own your home under a reverse mortgage are very much the same as if you owned it without one.
- A reverse mortgage can make a significant impact in the lives of those who had mortgage debt or limited retirement funds.
- A reverse mortgage can be the right choice when you know the facts and understand your obligations.
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