Reverse Mortgage

Mortgage Free to Reverse Mortgage

Some homeowners who are looking into getting a reverse mortgage do not currently have any mortgages attached to their property. This means that you would use your reverse mortgage for the sole purpose of accessing additional funds because you do not have any monthly mortgage payments to eliminate. In cases such as this, it is important to carefully weigh the need for additional funds against the implications of reducing the amount of equity in your home. If this is a concern for you, an experienced reverse mortgage specialist can help you limit the amount of equity you use over the term of your reverse mortgage.

Reverse Mortgage Benefits

• Access home equity without the burden of monthly mortgage payments!
• Choose how your reverse mortgage proceeds are disbursed to suit your financial needs!
• You can use the funds you receive from your reverse mortgage however you like!

Reverse Mortgage Implications

• A reverse mortgage will reduce the amount of equity available in your home in the future.
• Once you no longer reside in your home, the reverse mortgage balance becomes due.
• If your heirs choose to retain your home, they will be responsible for the reverse mortgage.

Note: if you or your family wish to retain the home after it is no longer occupied as your primary residence, it is a good idea to speak with a knowledgeable reverse mortgage specialist about ways you can preserve some of your equity or consider other means for supplementing your income.

You may find these other reverse mortgage refinance pages beneficial:

• Learn different ways that reverse mortgage funds can be used.
• Weigh the pros and cons of selling your home, financing with a reverse mortgage or obtaining a reverse mortgage and decide which option best suits you.
• Decide which reverse mortgage disbursement option is best for your situation.