What is a Reverse Mortgage and how does it work?
The Reverse Mortgage – also known as a Home Equity Conversion Mortgage – offers all the benefits of a traditional home equity loan or home equity line of credit, but with more flexible repayment options. On a monthly basis, you can opt to pay interest only; principal and interest; or make no loan payment—you choose. As with any home-secured loan (or mortgage), you must meet your loan obligations, and keep current with property taxes, insurance, maintenance, and any homeowners association fees. Plus, there’s no pre-defined loan maturity date, which gives you more freedom in managing your monthly expenses.
With an FHA-insured1 Reverse Mortgage, you can turn part of the equity you’ve built up in your home into funds you can use today, or a line of credit that will be there when you need it.
Eliminate a mortgage payment
Extend retirement savings
Flexible options to access cash
Read these common questions for closer look into how the loan works.
To discuss your options and see if a Reverse Mortgage may be right for you, schedule a consultation with one of our mortgage professionals or call (863) 688-8443 ext 1074.
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