Reverse Mortgages

Preparing For Retirement -

With 10,000 baby boomers reaching the age of 65 every day, you might want to take a closer look to ensure your retirement savings will fund your longevity. A reverse mortgage loan may be an important planning tool that can help you live out your golden years with the peace of mind of financial security.

A reverse mortgage is a  type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage (principal or interest) is required until the borrower dies or the home is sold. After accounting for the initial mortgage amount, the rate at which interest accrues, the length of the loan and rate of home price appreciation, the transaction is structured so that the loan amount will not exceed the value of the home over the life of the loan.
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A Reverse Mortgage allows you to access your money by:
• Taking a lump sum
• Establishing a line of credit to use as needed
• Arranging a combination of the above options