Turn a portion of your home equity into extra cash on hand.
You are 62 years or older and a homeowner, you can greatly benefit from a reverse mortgage loan. This kind of lending product eliminates your current mortgage payment and may give you immediate access to a portion of your equity. You can use it to supplement your Social Security, pay medical expenses, travel, make improvements on your home or simply enhance your financial security. What’s more, as long as you live in the home and comply with the loan terms, you won’t have to repay the loan and never owe more than your home’s value.
Am I eligible?
- You must be 62 years or older.
- You must own and currently live in the home.
- You must have a low mortgage balance that can be paid off at the closing with the proceeds from the reverse mortgage.
- Income and credit qualifications are required.
How can I benefit from a reverse mortgage?
- Supplement your Social Security
- Pay medical expenses
- Travel
- Make improvements on your home
- Enhance your financial security