A reverse mortgage allows qualified homeowners to access their home equity using the value of their home as security for the loan. There are many ways you as a homeowner may be able to use this equity including supplementing retirement income, paying for healthcare costs, remodeling or modifying your home and even purchasing a new property.
Reverse mortgages can add stability to your retirement by easing the burden of aging in place. Let’s take a look at what it takes to qualify and why a reverse mortgage might be a great option for you!
A reverse mortgage is a type of loan for clients aged 62 and older that allows homeowners to convert the equity in their home into case income with no monthly mortgage payments. Reverse mortgages can add stability and can be used as part of your financial planning for retirement.