A Reverse Mortgage is a type of loan made available by FHA to homeowners aged 62 and older that can potentially allow them to convert a portion of their home equity into cash. Unlike a traditional mortgage where the borrower makes monthly payments to the lender, with a Reverse Mortgage program, the lender can when a Reverse Mortgage Line of Credit exists, provide tax-free distributions which the borrower can use for virtually any purpose.
Reverse Mortgage Benefits:
· Borrower remains on Title
· Reverse Mortgages are Non-Recourse loans
· Eligible Non-Borrowing Spouse can remain in the home indefinitely
· Borrowers, Spouses, and Heirs are protected by the Non-Recourse feature
The Reverse Mortgage loan can provide seniors with a valuable source of income in retirement and as a useful tool for supplementing Social Security, making home improvements allowing the senior to age in place, increasing monthly cash flow, and improving quality of life. To learn more about Reverse Mortgage, contact Michael Pankow at 916.296.7765, NMLS Lic # 220611.
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