REVERSE MORTGAGE

Let the power of your home bring you closer to the retirement you deserve.

While most people approaching retirement think of their personal net worth in terms of savings, stocks, bonds, or retirement accounts, the reality is quite different. Studies show that half of homeowners age 62 or older have at least 55% of their net worth tied up in home equity.*

What exactly is a “reverse mortgage”?

 

With a reverse mortgage, more accurately now called a Home Equity Conversion Mortgage (HECM), homeowners age 62 or older receive a portion of their home’s equity while living in the home, and with no monthly mortgage payments. The funds are tax free**, and borrowers retain ownership and title to their home as long as they:

• Live in the home as their primary residence.

• Continue to pay required property taxes and homeowners insurance.

• Maintain the home according to Federal Housing Administration requirements.

What are the benefits and uses of a reverse mortgage?

From eliminating your monthly mortgage payment to paying for unexpected expenses, a reverse mortgage can help provide financial flexibility and relieve many of the financial pressures you face in retirement. A HECM can allow you to:

 

• Pay off an existing mortgage, monthly bills, or healthcare expenses to increase cash flow.

• Make needed home repairs or modifications to live more comfortably.

• Replace taxable withdrawals from 401(k) or other retirement plans with tax-free reverse mortgage proceeds.

• Establish a line of credit for emergencies or occasional expenses.

• Help a child or grandchild with major expenses, like a down payment on a home or college tuition.

You will most likely have more questions. Below are some links to more information, but please click the button and send us a message so we can tell you more and discuss your options. There is no obligation to find out more.

To learn more click the links below:

FAQ's About Reverse Mortgages

Penny Lane Financial: Your Reverse Mortgage Specialists

Understanding Reverse Mortgages: We're Here to Help

*CFPB Report to Congress on Reverse Mortgages, June 2012. Note: A credit line is available only on adjustable-rate HECM products.

**2 Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.

***This material is not from HUD or FHA and has not been approved by HUD or a government agency.

The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.

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All written content on this site is for information purposes only. Opinions expressed herein are solely those of Penny Lane Financial and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual financial professional prior to implementation. Insurance products and services are offered through Penny Lane Financial LLC.