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Senior Real Estate Specialist: What reverse mortgages really mean

Posted at 7:49 AM, Sep 04, 2018
and last updated 2018-09-05 12:22:05-04

Senior Real Estate Specialists is a paid advertiser of Sonoran Living.

Join us on September 12th (East Valley) and September 13th (West Valley) to learn how to unlock the equity in your home through a Reverse Mortgage and its potential value in retirement planning. Call First American Title to RSVP At (480) 534-3599.   At these events you'll learn about the four common uses of a Reverse Mortgage in retirement planning. For example, did you know the available funds in a Home Equity Conversion Mortgages (HECMs) line of credit can't be frozen or canceled, and the available line can grow every month? Did you know you can buy a home with this product? Join us to get the latest view of the power of this finance tool in retirement.
What is a reverse mortgage?
A reverse mortgage is a home-secured loan that's exclusively for homeowners and homebuyers age 62 and older. It allows you to convert some of the equity in your home into income-tax-free funds you can use as you choose, while you continue to own and live in your home. Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), which are insured by the Federal Housing Administration (FHA)*. This is not tax advice, consult a tax professional.
What are the basic requirements?
You may be eligible for a reverse mortgage if you are at least 62 years old, own and have sufficient equity in your home, and live in the home as your primary residence.
How can a HECM help you?
·    Refinance existing mortgage debt, to dramatically reduce your monthly payments
·    Consolidate debts such as high-interest credit cards, auto loans, etc. to reduce your monthly bills
·    Improve cash flow
·    Gain payment flexibility, for more financial control and long term goals
·    Pay for large purchases, like a new automobile
·    Assist a grandchild headed off to college
·    Fund major home renovation projects
·    Establish a standby line of credit you can tap into as needed for medical expenses
·    Buy a home with a Reverse Mortgage; find out how you can get more for your money

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