About this loan type
A reverse mortgage allows homeowners aged 62 and older to convert a portion of their home’s equity into cash without monthly mortgage payments. This loan is designed to provide financial flexibility for retirees by supplementing income, covering medical expenses, or funding home improvements. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away. With a reverse mortgage, seniors can enjoy their retirement with added financial security while staying in their homes.
Why Choose This Loan?
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No Monthly Mortgage Payments: Access home equity without adding a monthly payment.
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Supplement Retirement Income: Use funds for daily expenses, medical costs, or home improvements.
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Stay in Your Home: Retain homeownership while tapping into its value.
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Flexible Payout Options: Choose lump sum, monthly payments, or a line of credit.
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Government-Insured Options: FHA-backed Home Equity Conversion Mortgages (HECMs) offer added protections.