Why choose a reverse mortgage?

Homeowners age 62 and older may qualify for a reverse mortgage. A reverse mortgage converts home equity into a flexible source of funds. Following are several benefits of a reverse mortgage:

  • An additional source of funds. When unexpected expenses arise, with a reverse mortgage, the homeowner has funds on hand to pay for them.
  • Flexible funds. Homeowners can use the reverse mortgage funds in any way they choose. Health-care expenses, travel, home modifications and improvements - these are just a few of the possibilities!
  • Flexible options. Reverse mortgage funds can be disbursed in a lump sum, monthly payments, a line of credit or a combination.
  • Age in place - at home. The homeowner retains title to the home with a reverse mortgage and has the funds to remain there for the long term.
  • The homeowner and estate are protected. As a government-insured non-recourse loan, a reverse mortgage will not require repayment of more than the fair-market value of the home as determined by a licensed FHA-certified appraiser.

Read more about the reverse mortgage interest rates.

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