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A reverse mortgage is a loan that lets homeowners aged 62 or older transform their home equity into cash. Tailor-made for retired homeowners, reverse mortgages are perfect for those with limited retirement savings who need help with debts, medical expenses, or life's unexpected plot twists.
A reverse mortgage can allow you to maintain ownership of your home without having to make monthly mortgage payments anymore.
Additional income from your home equity to help you pay for increased medical costs, cover unexpected bills, and finally afford to do the things you've always dreamed of.
Because the funds from a reverse mortgage are considered a loan and not income, the proceeds are tax-free.
Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact Guaranteed Rate for current rates. Restrictions apply.
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This result is just an estimate. For a more detailed report Schedule a complimentary consultation today.
This is not a commitment to lend. Consumers are advised to obtain a Loan Estimate. Rates are subject to change and are dependent on credit and underwriting criteria.
Your actual rate, payment and costs could be higher. Guaranteed Rate cannot predict where rates will be in the future. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate, its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
A retirement solution specifically designed for homeowners like you! The retirement of your dreams is just four simple steps away!
Consult with a HUD-approved counselor so they can review your financial situation and explain the benefits and risks of a reverse mortgage.
Provide your lender with information about your age, the value of your home, and your remaining mortgage balance.
The lender will order an appraisal of your home to determine your maximum loan amount.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
Getting approved for a Reverse Mortgage begins with taking a look at your unique situation and then building a roadmap to help get you the retirement of your dreams. Schedule a consultation today to start!
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A reverse mortgage is a loan that allows homeowners aged 62 and older to tap into their home equity without selling their home or taking on a monthly mortgage payment. Instead, the loan is paid back when the borrower dies, sells the home, or moves out permanently.
Schedule Now!To be eligible for a reverse mortgage, you must be at least 62 years old, own a home, and occupy it as your primary residence. Your home must also meet certain property standards and be free of any liens.
Schedule Now!With a reverse mortgage, the lender provides a loan based on the equity in your home. You can receive the money in a lump sum, monthly payments, or as a line of credit. You can use the money for any purpose, but you don’t have to pay it back until you die, sell the home, or move out permanently.
Schedule Now!Reverse mortgages can provide homeowners with extra cash in retirement, help pay for home repairs, cover medical expenses, or pay for other needs. They also provide a way for seniors to remain in their homes and avoid selling or moving.
Schedule Now!The biggest disadvantage of a reverse mortgage is that it can reduce the amount of equity you have in your home. Additionally, you’ll still be responsible for paying property taxes, insurance, and maintenance costs, which can become expensive over time.
Schedule Now!You don’t have to repay the reverse mortgage as long as you live in your home, but you’ll still be responsible for paying property taxes, insurance, and maintenance costs. When you die, sell the home, or move out permanently, the loan and any accumulated interest will be due.
Schedule Now!When choosing a reverse mortgage lender, it’s important to compare interest rates, fees, and customer service. You can also look for lenders who are approved by the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). It may also be a good idea to speak with a financial advisor to ensure that a reverse mortgage is the right choice for your unique financial situation.
Schedule Now!I am a Reverse Mortgage specialist and I’ve worked with hundreds of retired homeowners to help them unlock the retirement of their dreams.
(520) 271-7495
Guaranteed Rate, Inc. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the Nevada Department of Veterans Services, the US Department of Agriculture, or any other government agency. No compensation can be received for advising or assisting another person with a matter relating to veterans’ benefits except as authorized under Title 38 of the United States Code.
*Guaranteed Rate, Inc. has no affiliation with the US Department of Veterans Affairs. Conditions apply.
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*This is not a commitment to lend. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. Otherwise, the loan must be repaid when the last borrower passes away or sells the home. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. <COMPANY NAME> is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. To find a Reverse Mortgage counselor near you, search the HECM Counselor Roster at https://entp.hud.gov/idapp/html/hecm_ agency_look.cfm or call (800) 569-4287
Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan or use other assets to repay the loan in order to retain the property. You should know that a reverse mortgage is a negative amortization loan which means that your mortgage balance will increase while your home equity decreases if you do not make principle and interest payments on your loan. This may make it more difficult to refinance the loan or to obtain cash upon the sale of the home. However, you will never owe more than the home is worth when the loan is repaid.
Getting approved for a VA loan begins with taking a look at your unique situation.
Getting approved for a VA loan begins with taking a look at your unique situation.