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Turn Equity into Income With a Reverse Mortgage

If you’re over 62 and want to use your home’s equity to supplement your income, a reverse mortgage could be a great option. The bank will give you payments every month in exchange for a part of your home’s value with no payments due on your part until your house is sold or otherwise vacated.

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The Home Equity Conversion Mortgage

The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. Following recent legislation, there are new increased borrowing limits are available along with the ability to purchase a new home with this program. Other options are available as well, so if you’re not sure which is best, contact us today.

Benefits of a Reverse Mortgage

Borrowers choose reverse mortgages for a number of reasons, including:

  • Eliminates your existing mortgage payments
  • No monthly payments are required (borrowers must continue to pay taxes, insurance and maintain the home in good condition)
  • Delivers tax free monthly income (consult your tax advisor)
  • Allows homeowner to live in their home
  • Title to the home remains in the homeowners name
  • The customer can now also use a Reverse Mortgage to purchase their new home.

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Disbursement Options

The disbursement options on a reverse mortgage loan are flexible. You can access money in a lump sum, establishing a line of credit to use as needed, or a combination of the two.

When and if the home is left permanently, the balance on your reverse mortgage becomes due. Selling the home itself can pay for this—any remaining equity belongs to you or your heirs.

Contact Us to Learn More

If you’re interested in learning more about your reverse mortgage options, contact us today and one of our team members will happily answer any of your questions.

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This website and all its contents is an advertisement from Contour Mortgage Corporation, not FHA or HUD. This content has not been approved by the Department or Government Agency. Licensed Mortgage Banker – New York State Dept of Financial Services. Contour Mortgage Corporation - Equal Opportunity Lender - NMLS # 34384
 
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