What are the Benefits of a Reverse Mortgage?
The benefits of a reverse mortgage are plentiful for those who decide to take advantage of it. You continue to live in and own your home. As long as you occupy the home as your primary residence, keep up with the property maintenance and stay current paying your property taxes, required insurance and any homeowners association fees.
Your loan proceeds are tax-free. Talk to your tax specialist for information about your situation.
You can use the funds for anything you want. Meet short-term financial goals, eliminate your current mortgage payment, supplement your monthly income, establish a line of credit that will grow with time and is available for you to draw from at any time.
Without compromising your Social Security or Medicare benefits you can enjoy financial flexibility. Typically, your Social Security benefits, Medicare and pension benefits will not be affected because a Home Equity Conversion Mortgage is considered to be “loan proceeds” and not income. However, Medicaid, Supplemental Social Security Income (SSI) and other needs-based programs, which vary from State to State may be impacted. It is recommended that you consult with a benefits professional to get complete details regarding your situation.
Reverse Mortgage loans were designed to help seniors achieve financial independence and allow seniors to live a more enjoyable and secure retirement.
Financial independence is important to you. You worked hard to own your home and now it’s important that you work just as hard at finding out if a Reverse Mortgage is right for you. With over a decade specializing in Reverse Mortgage loans combined with her 35 years as a Mortgage Professional, Becky Smith will use that experience and knowledge to provide accurate and trustworthy information to assist you in making the determination of whether or not the benefits of a reverse mortgage are right for you.
Contact Becky Smith today to learn more about the many benefits of a reverse mortgage at 800-935-3639.