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Create Your Financial Safety Net

In these uncertain times, having a financial safety net is more important than ever. By tapping into your home equity, you can take control of your finances and increase your cash flow with income-tax-free funds.

Protect your home and your financial future with a                    federally-insured* reverse mortgage—also known as a Home Equity Conversion Mortgage (HECM). 

Unlike a regular mortgage or home equity loan, a HECM allows you to pay whatever you want each month, even no payment at all. Plus, you retain 100% ownership of your home and you’ll never owe more than the home is worth when the loan is repaid.

As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and maintenance.

At a minimum, to be eligible for a HECM you must:

  • Be 62 years of age or older
  • Have at least 50% equity in your home
  • Live in your home as your principal residence throughout the duration of the loan

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Reverse Mortgages Have Some Powerful Advantages

 

You don't have to settle for traditional financing to fund your retirement. A reverse mortgage has certain advantages over other types of rigid home equity-based loans. For example, you can choose to take your funds as a lump sum, a line of credit that grows when unused, a steady stream of monthly advances (for a set period of time, or as long as you live in the home), or a combination of these options. 

And unlike a traditional Home Equity Line of Credit (HELOC), a HECM reverse mortgage is a non-recourse loan—that means if the loan balance exceeds the value of your home when the loan is repaid, you and your heirs are not responsible to pay the excess. If you or your heirs want to keep the property, the loan can be repaid at any time using a traditional mortgage or other assets.

Plus, no monthly payments are required for as long as the home is your primary residence and you continue to meet your obligations to pay your property taxes and homeowners insurance and maintain the property. 

 
  • Establish a line of credit that GROWS
  • Supplement your income
  • Refinance an existing mortgage
  • Repay a home equity loan
  • Pay off high-interest rate credit cards
  • Be more financially prepared
  • Pay for healthcare
  • Cover in-home care costs
  • Make or pay off a major purchase
  • Home improvements
  • Home modifications
  • Buy a home

A Reverse Mortgage at Work

Situation: Ben’s wife has been recently diagnosed with a disease that is likely to advance with age and eventually require in-home care. They do not have long-term care insurance and are on a fixed income.

Solution: Ben chooses to put a reverse mortgage line of credit in place starting at age 62 on their $625,000 home. Left untouched for 20 years, the available credit line will grow exponentially making more funds available to use when needed. 

Benefits: At age 82, Ben and his wife can draw the entirety of the unused credit line funds or a portion of them to pay for her in-home care. They have the freedom to choose what type of in-home care is right for them. Plus, monthly principal and interest payments are optional throughout the life of their loan, easing their financial burden. 

As with any mortgage, they must meet their loan obligations, keeping current with property taxes, insurance, and maintenance throughout the life of their loan.

real life example    

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This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

Not tax advice. Consult a tax professional.

If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.

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