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Reverse Mortgages

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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.

What is 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.

With a Reverse Mortgage, You Have Full Freedom Over How You Use Your Funds

You may already know exactly how you would put your reverse mortgage income to use. But it can help to imagine the possibilities, like:

  • Create an emergency fund for unexpected expenses.
  • Cover regular monthly expenses.
  • Add an extension, update your kitchen, remodel your bathrooms, or take on another home improvement project.
  • Put money down on a vacation home.
  • Buy a new car.
  • Pay off student loans.
  • Get a second degree.
  • Pay for medical expenses.

There is no such thing as a “restricted use.” There is nothing you cannot do with a reverse mortgage.

Benefits of 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.

Are You Eligible for a Reverse Mortgage?

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.

What Our Clients Are Saying

Facundo Lavino
Facundo Lavino
19:16 26 Oct 21
Nichole and Brian are AMAZING. They were resourceful, patient and made it happen for us. We got a new house thanks to them. Thank you very much
They did an amazing job of getting the rates we wanted and quickly with ease. I highly recommend them if you are buying in CA!
Shaktivan Chamba
Shaktivan Chamba
22:18 15 Oct 21
Brian and Nicole are a pleasure to work with. appreciate the clarity, availability to answer the many questions, capabilities to succuessfully fund, kindness, trustworthiness. thanks
Nauz Karami
Nauz Karami
14:42 13 Oct 21
It was such a pleasure to work with Brian and Nichole on this loan. As a real estate professional I work with so many lenders/ brokers so when it came time to choosing one for my personal deal I definitely had a lot of options. with that said I chose Brian and his team as they were the most responsive, gave me the best rate and we’re so on top of the file. The whole process was super easy and smooth and we didn’t have a single delay! Will definitely be sending all my clients to Grand Lending Team.
00:35 13 Oct 21
We had a great experience working with Nicole & Brian. They were efficient, professional, thorough, and made us feel comfortable throughout the entire process.

Apply for a Reverse Mortgage and Increase Your Income Now

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.

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