A reverse mortgage is a loan that allows you access to your home’s equity without having to sell. For many homeowners, this is an incredibly desirable option. They still have the luxury of living in their beloved house while still being able to live the life they want. Money can be accessed in small chunks or in one lump sum, making this a flexible loan option.
Home is Where the Heart Is
We have seen several cases where homeowners are forced out of their house when they retire only because they cannot access their home’s equity. Equity that has likely increased substantially and makes up a good portion of their net worth. A reverse mortgage can put the power back into their hands. With this loan, borrowers can remain in their home for as long as they want without feeling obligated to sell.
Magic Number 55
We at Source Mortgage are your connection to the CHIP Reverse Mortgage from HomeEquity Bank and the PATH Home Plan from Equitable Bank. These products allow homeowners that are 55 years of age or older to access up to 55% of their home’s value. You’ve worked hard all your life to own your own house and maintain it, consider the possibility of your house taking care of you for a little while.
Financial Support When You Need It
The cash you receive through a reverse mortgage can be used for virtually anything, making this an incredibly flexible loan. Whether you need the funds to help with increasing living costs or to bolster an emergency savings account, this option can allow you to maximize your fixed income. In addition, your tax-free cash is accessible when you need it, without any obligation to make payments until you move or sell. Reverse mortgages were designed with retirees in mind, giving them the tools to create the retirement they deserve. Of all our clients that consider this option, they all value freedom and independence. This product is the perfect conduit of those values.
If you want to stay in your home and want access to the equity within it, don’t feel as if you have to choose between one or the other. Consider how a reverse mortgage can help you reach your financial goals. Contact the experts at Source Mortgage today to see if a reverse mortgage may be right for you.