The Government Insured Reverse Mortgage is the perfect loan for homeowners and homebuyers 62 years and older who want to secure their financial future and enjoy a comfortable retirement.
With a traditional mortgage, you are required to pay back the loan in monthly installments. A Reverse Mortgage allows you the freedom to spend your retirement without ever having to worry about making a monthly mortgage payment. The loan works by allowing you to borrow against the value of the home and defer mortgage payments until after the last remaining occupant has moved out or passed away. The loan cannot be outlived and there will be no burden to your loved ones.
A Reverse Mortgage is a non-recourse loan, which means the cash value of your home is the only instrument that can be used to repay the loan. Investments, second homes, cars, and other valuable possessions cannot be taken from the estate to pay off the Reverse Mortgage. Best of all, with a Reverse Mortgage, you will maintain ownership of the home and never have to make a mortgage payment.
Refinancing your home loan, a Reverse Mortgage allows you to tap into the equity you've built up in your home and start receiving a stream of tax-free cash. Once the loan is approved, you'll never have to pay another mortgage payment. Best of all, you'll still maintain ownership and the title of your home.
Benefits of Refinancing With a Reverse Mortgage Loan
Income received is tax free
Protection for heirs, you maintain title of your home
Closing costs may be financed as part of the loan
No application fees, deposits or obligation to get approved
Receive the income as monthly payments, a lump sum, a line of credit or a combination of these
A reverse mortgage can give you the freedom to retire with less financial stress, and more time to enjoy life. To learn more about all of Homepath Lending's home financing options, request a bid online or contact one of our experienced mortgage professionals.