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What is a Reverse Mortgage?

A reverse mortgage, also known as a home equity conversion mortgage, is similar to a traditional mortgage in the following ways:

However, this loan comes with a few unique features:

Who Is Eligible?

  • You must own a home.
  • At least one homeowner must be 62 or older.
  • You must be able to meet your financial obligations.

Eligibility Fact: The home can be paid off or have an existing mortgage.

Why Use a Home Equity Conversion Mortgage?

There are a variety of reasons why people get this type of loan. Some get it to fulfill an immediate need, while others use it to plan for the future.

Planning for Now:

Planning for the Future:

How Does It Work?

A reverse mortgage works the same way as a traditional mortgage, except:

* Homeowner is responsible for property taxes, homeowners insurance and maintenance of your property.

Ready to take the next step? Now is the perfect time!

Call to speak with a licensed specialist (800) 401-8114