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Should I Get a Reverse Mortgage?

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Should I get a reverse mortgage?


The best advice about applying for a reverse mortgage is definitely having a good understanding of the reverse mortgage program and knowing if it will work for you. Whether you are using it as a financial planning tool or if this option is a last resort, only you can make the decision to apply for a reverse mortgage.

A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, is a federal government product offered to seniors, 62 years and older, which allows them to be able to receive money by borrowing against the equity in their home without being required to make monthly payments. If you are a senior who is looking for financial assistance or would like to be prepared for a rainy day, a reverse mortgage can be beneficial to you.

With your reverse mortgage, you still retain title and ownership of your home and there is no maturity date on your loan. As long as you continue to live on your property as your primary residence and are keeping up with the borrower obligations to the lender, your loan will not need to be repaid.

At this time, there are no restrictions on how you can spend the proceeds from your reverse mortgage. You are able to spend it in anyway to improve your quality of life. You can use your reverse mortgage loans to pay for medical bills, pay off the existing mortgage, fund your long term health care, take a vacation, pay for home repairs and much more. Your reverse mortgage is there to help ensure that you are comfortable throughout the duration of your retirement years.

To learn more about the Reverse Mortgage (HECM) program, call 1-888-808-8486 to speak with an advisor. Please feel free to send us a message anytime.

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