Unlock Your Home’s Equity with Reverse Mortgage Loans
Simplify Your Retirement with Reverse Mortgage Loans
Reverse mortgage loans are designed to help you maintain financial independence in retirement by converting part of your home’s equity into cash. With no monthly payments required, you can use the funds to cover living expenses, medical costs, or other needs while staying in your home. Whether you’re looking to supplement your income or purchase a new home, our reverse mortgage services offer a flexible solution that won’t burden your heirs. Ready to explore your options? Call us today for a free, no-obligation consultation.
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WHY REVERSE?
A reverse mortgage is a great asset to add to your retirement strategy. It protects access to your home’s equity during market fluctuations, provides an additional source of income to be used when you need it, and most importantly, it eliminates the need to make monthly mortgage payments.*
*Borrower must pay property taxes, insurance, HOA fees and maintain the property
Understanding Reverse Mortgage Loans and How They Work
Reverse mortgage loans are financial products designed for homeowners aged 62 and older, allowing them to convert a portion of their home’s equity into cash while continuing to live in their home. Unlike traditional mortgages, there are no monthly payments required; instead, the loan is repaid when the homeowner sells the home, moves out, or passes away. The amount you can borrow depends on factors such as your age, the value of your home, and current interest rates. Funds from a reverse mortgage can be received as a lump sum, monthly payments, or a line of credit, providing flexible options to meet your financial needs. Importantly, reverse mortgages are non-recourse loans, meaning you or your heirs will never owe more than the home’s value when it is sold.
Let’s see what you can get with a reverse mortgage.
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REASONS TO GET A REVERSE MORTGAGE
Eliminate required monthly mortgage payments*
Provides safety to stay in your home
Access to extra, tax-free cash1 that can grow
*Borrower must pay property taxes, insurance, HOA fees and maintain the property.
You don’t need to solely rely on Social Security, Medicare or Medicaid in retirement. You can stay in your home and utilize the equity in it to fulfill your retirement goals!
REVERSE MORTGAGE HIGHLIGHTS
payment optionality
non-recourse loan
equity preservation options
establish a secure line of credit
tax-free cash1
1 Consult a tax advisor and appropriate government agency for any affect on taxes or government benefits.
Our Reverse Mortgage Services
Reverse mortgages have evolved significantly from their early days and are now a great option when used properly. If you're over 62, a reverse mortgage could be a valuable financial tool for you. Did you know you can even purchase a home with a reverse mortgage? These loans require no monthly payments and ensure that your heirs won’t be left with any debt beyond the home’s value. You can stay in your home while accessing the funds you need without the pressure of repayment during your lifetime, making reverse mortgages a highly versatile solution.
- Access Your Home’s Equity: Tap into your home’s value to receive funds as a lump sum, line of credit, or monthly payments based on your needs.
- No Monthly Mortgage Payments: Enjoy the freedom of no monthly mortgage payments; repayment is only required when the home is sold or the last borrower no longer lives in the home.
- Stay in Your Home: Continue living in your home as long as it remains your primary residence, with no need to sell or move out.
- Non-Recourse Loan: Your heirs won’t be liable beyond the home’s value; the loan repayment is limited to the proceeds from the sale of the home.
- Flexible Fund Usage: Use the funds for any purpose, whether it's paying off existing debt, covering healthcare costs, making home improvements, or simply enhancing your retirement lifestyle.
Our reverse mortgage services provide you with financial options that fit your needs, ensuring you have the resources to enjoy a secure and comfortable retirement.
Stafford Home Mortgages & Financial Services offers reverse mortgage services across Andrews, Big Spring, Midland, Odessa, and the surrounding areas.