If you are a senior homeowner looking to pad your finances in retirement, there is a special affordable loan program just for you called a “reverse mortgage.”
What is a Reverse Mortgage?
A reverse mortgage lets you borrow against the equity in your home for a supplement to your income.
It is a flexible lending product that gives you full control for how you use the funds.
What Can You Do With Reverse Mortgage Funds?
You are free to use the cash from a reverse mortgage in any way you wish. Here are some ways that seniors throughout the country use reverse mortgage supplements to income:
- Make home repairs or upgrades.
- Make a down payment on a second home.
- Pay for automotive repairs.
- Buy a new car.
- Pay off high-interest debts.
- Pay medical bills.
- Finance a business venture.
- Pay education costs.
- Build an emergency fund.
- Pay monthly bills.
- Take a vacation.
You may have something in mind that we did not mention. With a reverse mortgage, you can make it happen.
Benefits of a Reverse Mortgage in Florida or Michigan
- The supplement to your income can be used for any purpose you decide.
- It is your choice in what form you want to receive your disbursements. Installment payments, a line of credit, or a lump sum are all available options.
- In most cases, the supplement to income provided by a reverse mortgage is tax-free.
- Your reverse mortgage will come due only with a maturity event. The sale of the property or the death of the last borrower are examples of maturity events.
- If you stay up-to-date with your mortgage payments, homeowner’s insurance, property taxes, and home maintenance costs, you can remain in your home for the rest of your life with a reverse mortgage.
- The overall financial flexibility in your life increases with the supplement to your income. You can enjoy your retirement years with less stress.
Are You Eligible for a Reverse Mortgage?
To qualify for a reverse mortgage, you need to meet these basic requirements:
- At least one borrower on the loan must be age 62 or older.
- You must be up-to-date with your home maintenance payments.
- There will be an assessment of your credit score, income and tax history.
- You must have sufficient equity in your primary residence to borrow against. Second homes and vacation homes are not eligible for a reverse mortgages.
Apply Now for a Reverse Mortgage in Jacksonville or Beyond
You are just steps away from getting the funds you need to live your best life during retirement. To apply now, please give us a call today at (248) 775-1275 to schedule your consultation. We work with senior homeowners in Florida, Michigan, and throughout all 50 states.