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Reverse mortgages are an excellent way to supplement your retirement income by allowing you to withdraw equity you have in your home. There are no restrictions on what you do with the money. In order to qualify for a reverse mortgage you must be at least 62 years old and own your home outright, or have a low mortgage balance. If you have a mortgage on your home, it will be paid off with proceeds from the reverse mortgage.
You have several options to choose from on how to receive money and payments from a reverse mortgage:
- Tenure: equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term: equal monthly payments for a fixed period of months.
- Line of Credit: unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
- Modified Tenure: combination of a line of credit and scheduled monthly payments for as long as you remain in the home.
- Modified Term: combination of a line of credit plus monthly payments for a fixed period of months selected by you.
You probably have many questions about reverse mortgages. Please call The 801-APPROVE Team and we’ll be happy to answer all of your questions and help you figure out how much monthly income and/or lump sum cash you qualify for with a reverse mortgage.