If you’re like many homeowners aged 62 or older, your house is your greatest asset. You’ve spent years working to build the equity in your home. Now, it’s time to put that equity to work for you. Learn about the tools available to help you tap into this important resource and create a sound financial plan that will help you retire strategically.
A reverse mortgage is a type of loan designed for homeowners aged 62 or older, typically with substantial equity in their home. Unlike a traditional mortgage where you make monthly payments to the lender, in a reverse mortgage, the lender makes payments to you. This financial tool allows seniors to convert part of their home’s equity into cash without having to sell their house or pay additional monthly bills. The homeowner can receive funds as a lump sum, fixed monthly payment (annuity), line of credit, or combination of these options.
The most common reverse mortgage loan type is a Home Equity Conversion Mortgage (HECM). HECMs are federally insured by the Federal Housing Administration (FHA).
Some of our clients aged 62 or older have taken advantage of this loan type as a way to alleviate having to make a mortgage payment, supplement their income, or pay for healthcare expenses. We recommend that every client considering this type of mortgage consult one of our loan officers first to see if it’s a good fit.
You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, HOA or condo fees, and maintain the home according to FHA requirements. Borrowers should seek professional tax advice regarding reverse mortgage proceeds. Haven Home Equity, Inc. is not acting on behalf of or at the direction of HUD/FHA or the federal government.
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