Receive supplemental income in exchange for value in your home
Get income to help with retirement.
A reverse mortgage lets you turn your home’s equity into cash, helping you sustain your lifestyle and keep a cash flow in retirement.
Give yourself financial flexibility.
Equity in a home doesn’t do much unless you sell the home. But if you want to stay in the home, a reverse mortgage loan can quickly turn into cash you can put to use.
Choose how you want to receive the payments.
Lump sum? Monthly payments? Determine the best Reverse Mortgage terms for your specific situation.
Loan advance terms.
As the IRS considers reverse mortgages to be loan advances, the terms of the reverse mortgage can be more tax-efficient than you might think.
The Facts about Reverse Mortgages
- Reverse mortgage payments are not taxable, according to the IRS. This helps you receive the maximum amount of money you can get from the terms of your Reverse Mortgage.
- During the reverse mortgage, you retain title of your home. Retaining the title on your home is a vital piece of the puzzle that helps secure a comfortable retirement, even as you receive payments from the loan.
- You’ll be on the receiving end of payments on home equity—for once. Ever dream about having money coming in because you’re the one receiving payments? That’s what you’ll have with a reverse mortgage.
- You’ll borrow against the equity of your home. Remember that you need to be in a flexible situation in which you can borrow against the equity of your home in order for a Reverse Mortgage to have maximum value.
Are you ready to find out if you qualify for a Reverse Mortgage to help you get moving on the equity in your home?
What Do You Need to Know about Reverse Mortgages?
Q: What is a Reverse Mortgage?A Reverse Mortgage is a loan in which the lender makes payments to you, the homeowner. You can then choose how to receive these payments, such as in a lump sum or with monthly payments. You retain the title of the home.
Q: What are the terms of a Reverse Mortgage?When the homeowner then moves or passes on, the proceeds of the home sale then go to the lender. You might think of this as a loan in which the lender acquires the rights to the home, or a lien on the title.
Q: What qualifications do I need?A Reverse Mortgage is for those homeowners who are already 62 or older. It’s typically for people who may be in retirement and need a secure source of funding to help their retirement along, without sacrificing their ability to live in their house.
Q: When does a Reverse Mortgage make sense?There’s a lot of trepidation about Reverse Mortgages out there, but like many financial instruments, there may be instances where it’s entirely appropriate for your situation. Remember that a lender can always call a loan like a Reverse Mortgage. But a Reverse Mortgage can make a “last resort” option for those who have no other access to cash flow in their retirement.
Q: Is a Reverse Mortgage taxable?As loan proceeds are not considered income, they are not taxable, which gives you even more flexibility for using the funds as you receive them from a Reverse Mortgage.
Get Started with Your Reverse Mortgage Today
Sometimes, it’s nice to have the bank pay you.
But it helps to understand what a Reverse Mortgage is—and whether your situation calls for it.
With the tax benefits of a Reverse Mortgage (non-taxable loan proceeds) and the potential for generating cash flow, a Reverse Mortgage is always an intriguing option for those 62 and older.
If you need to access the cash available in your home equity, this may be your best bet.
Speak with a Reverse Mortgage Specialist today
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