However carefully you planned your retirement, you may find yourself in need of additional funds during your golden years. If you have sufficient equity in your home, you may be able to borrow against that equity, thereby “converting it to cash.”
The way to do this is by applying for a reverse mortgage.
A reverse mortgage is a special type of loan for those aged 62 and above.
With a reverse mortgage, you can maintain or enhance your standard of living. You get to decide whether you would like the money as a lump sum, in installments, or in the form of a revolving line of credit. You can spend reverse mortgage income in any way you wish.
You may already know exactly how you would put your reverse mortgage income to use. But it can help to imagine the possibilities, like:
There is no such thing as a “restricted use.” There is nothing you cannot do with a reverse mortgage.
Your lender has no control over how you use reverse mortgage funds. You can treat them like cash, yours to use any way you want. In fact, you do not even need to spend them. You can just put them in savings if you prefer.
Since multiple disbursement options are available, a reverse mortgage can be structured flexibly for your needs.
Reverse mortgage income usually is tax-free.
Borrowing against your home equity does not mean that you need to leave the house. In fact, you can remain in it for the rest of your life.
No reverse mortgage payments are necessary until a maturity event takes place. If you sell your home, that is a maturity event. The death of the last borrower also is a maturity event.
If you are excited about the possibilities that a reverse mortgage could bring into your life, you may be wondering how easy it is to qualify.
The minimum age for a reverse mortgage is 62. The age requirement must only be met by a single borrower. Any other borrowers on the loan may be younger.
A minimum of 50% equity in your home is required if you want to take out a reverse mortgage.
Your reverse mortgage needs to be connected to your primary residence, not a second home or vacation home.
Your property taxes, homeowners insurance, homeowners association payments, and any other maintenance payments cannot be past due.
Income, credit score, and tax records may impact your eligibility as well.
Whatever your dreams are for your retirement, you deserve the chance to make them happen in the comfort of the home you have invested in. To apply now for a reverse mortgage, please call (800) 293-2133. It is time to make more of your golden years. We work with homeowners in all 50 states.
The Best Home Loans is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.