Reverse Mortgages
A Reverse Mortgage Can Give You Peace of Mind
If you’re a homeowner age 62 or older, a Home Equity Conversion Mortgage (HECM) or Reverse Mortgage enables you to convert some of your equity into tax-free cash*, a line of credit, monthly income, or a combination of the three. Basically, it pays you a cash advance based on your home’s value and other factors. Some advantages are:
- Allows you to stay in your home and retain the title
- Eliminates all mortgage payments
- Enables you to use the cash any way you want
- Funds home repairs
- Helps pay off existing debt
- Funds medical expenses and/or long-term care insurance
- Helps you to enjoy additional leisure activities
- Provides easy access to the equity you have built in your home
- Provides funds to improve your quality of life
- Does not affect Medicare or Social Security benefits**
* Consult your tax advisor
** Reverse Mortgage cash advances may affect eligibility for other programs, but generally, the proceeds are tax free and do not affect Medicare or Social Security benefits.