Reverse Mortgage can work for you!

Worried about the debt you leave behind?

What is a reverse mortgage?

A reverse mortgage is when a qualified homeowner leverages the equity left in their property in order to stop making payments on their mortgage and instead begins receiving payments from the bank. The homeowner can either receive payment as one lump sum or in multiple payments, and the homeowner’s obligation to repay the loan is deferred until the owner dies, the owner goes into an assisted living community or the home is sold. The money loaned to homeowners can be used however they see fit; although, the borrower must pay off any previous mortgage(s) with the proceeds from the reverse mortgage.

When does the loan end? What happens to the house if the homeowner passes away? If the homeowner were to die, sell the house, or moves out of the house for 12 consecutive months, then the loan will typically end. Once that happens, the reverse mortgage can be paid off using the proceeds from the sale of the home, or the house can be refinanced by any of the listed family heirs.

Reverse mortgages are not a burden for family heirs. With the correct loan, homeowners are able to structure the loan so that they have enough money to live their lives comfortably while keeping the property in good standing with heirs. For more information on how to structure the best reverse mortgage, one of our affiliate reverse mortgage professionals will be able to answer any questions with more detail.

Live your dreams without leaving a legacy of debt for your children to bear.