A reverse mortgage is a unique way for seniors who need to generate additional cash flow – beyond their 401K and Social Security payments - to help fund their retirement. It helps relieve the anxiety that seniors may feel about outliving their money by allowing them to tap into the equity in what is likely their most valuable asset – their home. With a reverse mortgage, monthly mortgage and interest payments are eliminated, and replaced by a lump sum payout, a monthly payout, a line of credit or some combination of the three… all while they still retain ownership. This additional, non-taxable cash flow can be used for home renovations, funding a grandchild’s education, or taking a long-delayed dream vacation. But what makes a reverse mortgage different from any other loan secured by a home is the way it is repaid. A reverse mortgage can be repaid utilizing the home when it is either resold or refinanced. To qualify, the borrower must be 62 (55 in some instances), live in the home as a primary residence, keep up with loan obligations, maintain the home, and pay their property taxes and insurance. To find out more about how a reverse mortgage can help you achieve a more secure financial future, call us today.
Randall Buffam
Reverse Mortgage Lenders
Redlands and San Bernardino CA
