Reverse Mortgage Moving forward in reverse!

A reverse mortgage is a home loan with no monthly payments due! This loan was originally designed for a senior citizen on a limited monthly income and who wishes to be able to tap into the equity of their home to make ends meet or just to have a safety net; in other words peace of mind!

This very unique mortgage is now also being utilized by financial planners across the United States as it is now widely acknowledged that tapping into your home equity can help stretch and preserve your retirement dollars to last longer; tapping into your home equity is tax free. Consult with your financial advisor and mention the study published in the 2021 Financial Advisor Journal by Phil Walker, Barry H. Sacks, Ph.D. and Stephen R. Sacks, Ph.D. Read about it here in an article published in New York Times.

You may be eligible for a line of credit, and this can grow over time. You are required to keep up on the insurance on your home as well as property taxes. You can also use a reverse mortgage to buy a home. If you want to sell your current home and downsize this could be a fantastic tool to keep as much cash as possible in your bank and still have no monthly payments. This loan is for owner occupied properties only. There are a multitude of different loan types, and I am happy to explore these options with you. Now a new hybrid reverse mortgage product is available to those 55+ and could be a powerful tool in your retirement planning. Contact me to see if you qualify.