Designed exclusively for homeowners 55+, a reverse mortgage is a unique borrowing solution that allows borrowers to access home equity. There are no monthly mortgage payments and you still own your home. It takes home equity and turns it into tax-free money; you do not need to move, sell or downsize. You don’t pay back the loan until you move or sell. This equity can be used how you want:
- Help your children with a down payment
- Pay off high-interest debts
- Renovate your home
All other lending products on the market today that enable homeowners to tap into home equity – including a home equity line of credit or mortgage refinance – require regular payments. With those mortgage solutions, borrowers must also qualify based on their income and credit score. With a reverse mortgage, you can access up to 55% of the value of your home and your credit is rarely a factor.
We’re here to help weigh your options and decide if this solution is best to help you free up cashflow and live a more comfortable life.