The Advantages of a Reverse Mortgage
Orlando Reverse Mortgages offer seniors the ability to access the equity in their homes so that they may age in place, improve the quality of their lives and live a more fulfilling retirement. Seniors 62 or older can convert part of the equity in their home into tax-free income without selling the home or giving up title. Borrowers can use the funds any way they wish and they make no payments on a reverse mortgage during the life of the loan.
- Since you are not required to make payments, the risk of losing your home for not making payments is removed.
- There are no income, health, or credit qualifications needed. Rather than making payments the mortgage is paid off when the home is no longer the primary residence of the borrower.
- As a non-recourse loan, the borrowers are never required to pay more than the home is worth.
- The older a person is the more one can access.
- When using the HECM line of credit option, the unused portion of the line of credit grows.
- The proceeds are tax free* and Social Security and Medicare are not affected. *Consult a tax advisor.
- An important consumer safeguard is the FHA requirement that the borrower obtain third party counseling.
- There are no restrictions on how the proceeds can be used.
- You can stay in your home as long as you choose and access the cash now.
Now you can even use a reverse mortgage to purchase a home, perfect for those who are thinking about downsizing.
