Reverse Mortgages Overview
What is a Reverse Mortgage?
- A Reverse Mortgage is a financial tool created by the United States Government to help provide financial relief to homeowners 62 and older.
- A Reverse Mortgage enables a senior citizen to convert part of their home equity into cash without giving up title, selling the home, or taking on a monthly payment.
- A Reverse Mortgage allows seniors to stay in their home for the rest of their lives and access a portion of their home equity without ever having a payment. If there is an existing mortgage, the Reverse Mortgage will pay it off.
- Reverse Mortgages are insured and regulated by the Federal Housing Administration (FHA).
- Proceeds from a Reverse Mortgage are tax free and can be used for any purpose. You can get the money in a lump sum, monthly payment, line of credit, or any combination thereof.
- A Reverse Mortgage will have no effect on your Social Security or Medicare benefits.
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