Fund Your Golden Years
A reverse mortgage can make life better, but there are many considerations. I’ve been specially trained to help borrowers make the decision that’s right for them.
A reverse mortgage is another name for a Home Equity Conversion Mortgage (HECM). This type of loan allows homeowners age 62 and older to convert a portion of their home’s equity into cash to pay off their existing mortgage. A HECM removes the strain of monthly mortgage payments while allowing borrowers to remain in the home, and it can free up cash to enjoy the years ahead.
What can the funds be used for?
If there is additional equity after the mortgage has been paid, there are no restrictions on how you can use the funds.
- Offset day-to-day living expenses
- Cover emergency expenditures, such as medical costs or home repairs
- Provide for in-home care
- Pay for the trip of a lifetime
- Fund a grandchild’s college tuition