Seniors are using this new trick to take equity out of their homes without selling them.

Published on October 2, 2023

Taking equity out of your home and eliminating your mortgage payment is available to many senior homeowners who are eligible for this government backed program.

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For many Baby Boomers who have reached retirement age, the cost of homeownership can be one of your largest expenses as well as one of your biggest assets. The FHA insured reverse mortgage was created to allow homeowners to take advantage of both of these facts. If there is enough equity in the home, the monthly mortgage payment may be eliminated, and monthly payments may be received instead.*

Want to see how much equity you can cash out? Click Here!

A reverse mortgage is a loan where you borrow against your home's equity. However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money you have borrowed as long as you are living in the home.

Home Equity Conversion Mortgages (HECM) have become increasing popular in recent years and continue to make the headlines. The myths surrounding these unique loans continue to grow. While there is a wealth of resources available, there still seems to be many misconceptions.

Common Reverse Mortgage Myths:
#1. The bank owns your home: FALSE
#2. The property must be completely paid off before you are eligible for a reverse mortgage: FALSE

Need more information to make an informed decision? Schedule a free consultation with a Reverse Mortgage Specialist. If a reverse mortgage is right for you, it can offer tremendous financial relief. Many seniors we spoke with stated, "It sounds too good to be true." This is a government backed program that enables Seniors to eliminate traditional mortgage payments and/or access your home equity while still owning and living in your home. Given the right set of circumstances, a reverse mortgage can be an ideal way to increase your spending power and financial security in retirement.

How do you know if a reverse mortgage is a fit for you? The first step in determining if a reverse mortgage is a fit is to learn if you qualify and how much you can potentially receive. You can take this quick test now to get a gauge on both and then speak to a reverse mortgage professional to answer questions about your specific situation.