Is a reverse mortgage right for you?
If you are age 62 or older and are looking for a way to supplement your income, a reverse mortgage may be right for you. This special type of home loan allows you to eliminate monthly mortgage payments and convert home equity into tax-free cash. Whether you’re looking to supplement retirement income, cover medical expenses, or simply enjoy your golden years, a reverse mortgage may be the perfect solution.
Reverse mortgage benefits
You can use a reverse mortgage to purchase a new home or refinance a home you already own (with or without an existing mortgage).
No monthly mortgage payments are required for as long as the borrower fulfils the loan’s terms (see Notable requirements below).
You retain ownership of your home and live in it as your primary residence, and your heirs will not be responsible for the loan balance.
You can access your home equity as tax-free cash via monthly payouts, a lump sum, or a line of credit to use as you wish.
With the benefits of a reverse mortgage, you can increase financial liquidity and delay withdrawing from savings, investments, or Social Security.
Loan amounts up to $4 million may be available, competitive fixed- and adjustable-rate loans are offered, and numerous property types are eligible.
How a reverse mortgage works
A reverse mortgage allows you to borrow against the equity in your home without having to sell it or make monthly mortgage payments. Unlike a traditional mortgage, the loan is repaid when you move out, sell your home, or the home is no longer your primary residence.
Notable requirements:
- Borrower must be age 62 or older (55+ for certain states)
- Borrower must occupy the home as their primary residence
- Borrower must pay property charges, including property taxes, HOA fees (if applicable), and hazard insurance (financing options may be available to cover these charges)
- Borrower must maintain the property
- If these requirements are no longer met, the loan becomes due and must be repaid
Ways to use a reverse mortgage
The proceeds you receive from a reverse mortgage can be used for anything, including:
- Supplementing your retirement income
- Delaying receiving Social Security benefits
- Avoiding withdrawing from savings and investments
- Paying off other debts
- Covering medical expenses
- Funding a remodeling project
- Purchasing another home
- Helping out your children
Meet your mortgage expert
Bruce Bufe
NMLS ID # 188995
Mortgage Loan Originator/Regional Reverse Specialist
Mobile
Office
With more than 30 years of mortgage industry experience, over $1 billion in loans closed, and a record as one of the nation’s top-ranked mortgage originators, Bruce Bufe is a trusted resource for home financing solutions.
Bruce serves a wide range of clients, from first-time homebuyers to high-net-worth individuals. One of his many specialties is helping those in their golden years access financial flexibility through reverse mortgage programs. Bruce’s commitment to personalized financing solutions and hands-on guidance helps clients save time, money, and stress while achieving their homeownership and financial goals.
Ready to get started?
Contact Bruce today for a free reverse mortgage consultation!
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