Reverse mortgage loans have helped millions access their home equity to find greater security in retirement. If you are age 62 and older, this loan program will allow you to eliminate your monthly mortgage payment, except for taxes and insurance. The amount you can borrow depends on your age, property value, and interest rate. The older you are, the more equity you’ll have access to. There are different types of reverse mortgages and the funds can be disbursed in a number of ways. You can use the proceeds from your reverse mortgage loan to pay for medical care or other bills, to protect your current retirement savings, protect investment portfolios during market downturns, or even pay off debt. The mortgage does not affect Social Security benefits. All of this while still maintaining full ownership of your property.
If you would like a reverse mortgage quote or to find out more detailed info, please call our reverse mortgage team at (630) 554-8899 or email us at ReverseMortgages@AlliedFirst.com