3 Key Benefits of Reverse Mortgages
No Monthly Mortgage Payments
Eliminate the financial burden of monthly mortgage payments.
Flexible Payment Options
Receive funds as a lump sum, monthly payments, or a line of credit.
Remain in Your Home
Stay in your home while enjoying its equity benefits.
Guidelines for This Loan
If your details are close to these guidelines, we encourage you to apply or contact us.
The Home
The property must be your primary residence, where you live for the majority of the year.
Age Requirement
To qualify, all borrowers listed on the mortgage must be at least 62 years old.
Equity Requirement
You must have significant equity in your home, typically 50% or more, or outright ownership.
Ongoing Responsibilities
Borrowers must maintain property taxes, homeowner’s insurance, and home upkeep.
Types of Reverse Mortgages
- Commonly known as a "Reverse Mortgage."
- Designed for homeowners aged 62 and above.
- Converts home equity into cash without requiring the sale of the home.
- Cash received is tax-free.
- Offers multiple disbursement options to fit homeowners' needs.
- Allows homebuyers aged 62 and above to purchase a new home.
- Combines proceeds from the sale of their current home with a down payment.
- No loan payments required as long as they live in the home (conditions apply).
- Contact an Advantage Mortgage Loan Officer for more details.
Frequently Asked Questions
Answers to questions about this loan we heard from people like you during research.
Do you have another question that isn't here?
What are the advantages of a reverse mortgage?
Reverse mortgages eliminate your monthly principal and interest payments while allowing you to stay in your home and maintain ownership. The loan proceeds are tax-free and can be used as you choose. Any remaining home equity is passed to your heirs after the loan is repaid.
Are there any ongoing financial responsibilities with a reverse mortgage?
Yes, you must continue to pay property taxes, homeowners insurance, and maintain the home. Failure to do so could result in loan default.
How does a reverse mortgage affect inheritance?
While heirs will inherit any remaining equity after the loan is repaid, the inheritance amount may decrease over time as loan interest accumulates and the proceeds are spent.
What are the downsides of a reverse mortgage?
The loan balance increases over time due to interest, and fees are generally higher than traditional mortgages. Also, as more of the home’s equity is used, the value left for inheritance decreases.
Is a reverse mortgage suitable for everyone?
Reverse mortgages are often misunderstood, and they might not be the best option for everyone. It’s crucial to understand the long-term implications and consult a financial advisor before proceeding.
Can I refinance my reverse mortgage when interest rates drop?
Yes, reverse mortgages can be refinanced, though it's less common. Refinancing might make sense if interest rates have dropped significantly or if you want to access more equity due to increased home value. However, refinancing a reverse mortgage involves fees, so it’s important to weigh the costs and benefits carefully.
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