A reverse mortgage allows you to borrow against the equity you’ve established in your home. Instead of making monthly payments, you can choose to receive them. This is the “reverse” of typical borrowing methods. To be eligible, you must be age 62 years or older and own your home. Any current mortgages on your home must be paid off with the Reverse Mortgage.
There are no restrictions on how you use proceeds received through a reverse mortgage. You can direct the funds toward a variety of purposes, including:
- Supplementing retirement income
- Remodeling your home
- Paying property taxes
- Covering healthcare expenses
- Planning for long-term care needs
- Purchase a vacation home
The reverse mortgage pays you. You can be approved regardless of your current income, debt, or credit history.
There are misconceptions about the reverse mortgage. You retain the ownership of your home and you cannot owe more than the value of your home.
Please call Cornerstone Lending, and we will place you with one of our reverse mortgage specialists.