Reverse Mortgages

Reverse mortgages can serve seniors who have strong equity in their home but are living on a fixed income. The funds you borrow are tax-free and can be taken in a one-time lump sum or in installments over time to act as a form of income. Either way, no payments are required until you choose to sell, but you can never be forced to sell and always maintain ownership of your home. The total amount borrowed can be up to 55% of the value of your home. Because this type of mortgage is designed to serve the needs of seniors, age is one eligibility factor. While many think “senior” starts at 65 years, this helpful mortgage option is, in fact, available to those 55 years and older.