SUBSCRIBE TO RETIREMENT NEWS

Join our mailing list to get the latest in lifestyle content, financial advice, news and information to live a better retirement.

Are You a Good Candidate for a Reverse Mortgage?
Retirement Planning, Reverse Mortgage Facts

Are You a Good Candidate for a Reverse Mortgage?

A reverse mortgage loan can be a fantastic financial tool for homeowners age 62 and older. It can help you or a loved one live a more comfortable retirement, freeing up cash that can be put toward other debt such as medical expenses, or to simply have an accessible source of funds when you need them. Overall, it can be a smart means to supplement retirement income — for the right candidate.

Reverse mortgages are not only for those in need of cash. But while there’s no standard applicant for a reverse mortgage, there are certain qualities that ideal borrowers have in common:

You’re not planning on relocating soon. Typical terms of a reverse mortgage loan require you to keep the home as your primary residence. So, if you’re planning to stay put for the next few years, refinancing with a reverse mortgage can be a great way to reduce your monthly payments. On the other hand, if you’re eyeing a home in a warmer climate or a property that’s closer to far-flung family, a Reverse Mortgage for Purchase may be a more suitable option.

You’re health-conscious. True, a reverse mortgage loan can be a great tool for helping to pay down medical expenses. But to keep your loan in good standing, you want to make sure you’re healthy enough to live in your home since it must be your primary residence, as noted above. The good news? Temporary stays at a hospital, skilled nursing facility, in-patient rehabilitation or other healthcare facility for less than 12 months will not trigger repayment.

You’ve planned for ongoing maintenance costs. From property taxes to homeowner’s insurance and home repairs, failure to keep current with these payments can result in defaulting on your loan. Borrowers should have a plan for how to manage the associated costs of the loan. Often, a reverse mortgage lowers the borrower’s monthly expenses, which can help offset the cost of the loan itself.

Your family prefers to see you enjoy a comfortable retirement. If leaving equity to your heirs isn’t a priority, a reverse mortgage is ideal for tapping into the equity you’ve worked so hard to build. The right loan can provide the funds to “right size” into a more comfortable home, or to stay put and be able to make modifications to safely age in place in your existing home.

Tap into funds that are yours for the taking

Not sure if a reverse mortgage is right for you? Talk to an experienced loan specialist from

Reverse Mortgage Funding at 888-277-1567. We’ll set up a convenient in-person appointment with a specialist from your area to find out if a reverse mortgage loan is a wise choice for a more satisfying retirement.

This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; an ”Excellent” rating on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.

SEE WHAT FUNDS YOU MAY HAVE AVAILABLE

If you have equity in your home and believe you meet the eligibility requirements, a HECM may be the option that could help you retire smart.

Check Eligibility

L3172-Exp022021 

Print
CATEGORIES
REVERSE MORTGAGE CALCULATOR


See what funds you may be eligible for with our free instant reverse mortgage calculator.

By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.