Benefits

Close to 70,000 homeowners per year are deciding to enhance their retirement with a reverse mortgage.  Why?

• Enables senior homeowners to convert their home equity into tax-free proceeds
• Continue to live in your home with no mortgage payments
• Borrowers can receive payments instead of making them
• Proceeds are not considered income and will generally not affect Social Security or Medicare benefits
• Finance most of the loan's fees so there are minimal out-of-pocket expenses
• Borrowers retain title and ownership of the home, provided program requirements are met
• Reverse Mortgage proceeds can be used for any purpose, including:
  • Covering healthcare costs
  • Remodeling or repairing your home
  • Consolidating credit card debt
  • Earning additional income to meet monthly expenses
  • Creating a standby cash reserve fund

With a Reverse for Purchase, the loan proceeds may be used to help you buy a new primary residence that better suits your needs.