Reverse Mortgage
what is a reverse mortgage?
A reverse mortgage allows homeowners who are over the age of 62 to tap into the equity they’ve built up in their home — through a lump sum of cash, a fixed monthly payment, or a line of credit.
how a reverse mortgage can work for you
A reverse mortgage can offer a flexible, practical solution for homeowners aged 62 and older who want to enhance their financial freedom during retirement. Whether you’re looking to supplement your income, cover medical expenses, travel, or simply reduce your monthly obligations, a reverse mortgage puts the equity you’ve built in your home to work for you — without requiring monthly mortgage payments.
Did you know?
A reverse mortgage is no different than a conventional mortgage when it comes to repayment after the last borrower passes away. Your child(ren) or heirs will have the same options for managing your property as if you had a traditional home loan.
reverse mortgage key benefits
- No monthly mortgage payments required (as long as all loan obligations are met)
- Maintain ownership of your home and continue living there
- Access tax-free funds through a lump sum, monthly payments, or a line of credit
- Use funds however you choose — from home renovations to unexpected expenses
- Delay claiming Social Security and potentially increase your monthly benefit
- Improve cash flow and preserve other retirement assets
Every situation is unique. A reverse mortgage may offer the peace of mind and flexibility needed to live more comfortably — today and in the future.
A reverse mortgage with a line of credit is one option for retirees that can help them manage their assets most effectively. The money withdrawn from a reverse mortgage line of credit is nontaxable, so a retiree will need to withdraw less each month than they would from a taxable retirement account.
Explore the Reverse Mortgage Resource Center
Get in-depth information on reverse mortgage scenarios, the types of reverse mortgages available, and much more — everything you need to better understand how a reverse mortgage works and whether it’s the right solution for you.
How are reverse mortgages different than conventional mortgages?
Will I lose ownership of my home if I take out a reverse mortgage?
Can I use a reverse mortgage to purchase a home?
Yes! If you are aged 62+ and would like to purchase a home, but would also like to retain as much of your cash savings as possible (for future medical expenses, travel, unexpected bills, etc.), you might benefit from a reverse mortgage for purchase.
What is a reverse mortgage line of credit?
A reverse mortgage with a line of credit is one option for retirees that can help them manage their assets most effectively. The money withdrawn from a reverse mortgage line of credit is nontaxable, so a retiree will need to withdraw less each month than they would from a taxable retirement account.
Can a reverse mortgage help me maximize my Social Security benefits?
In the right situation, yes! Retirees who wait to claim their Social Security benefits until age 70 have an increased monthly Social Security income. This is where a reverse mortgage can be especially beneficial to people over the age of 62 who may be paying a conventional mortgage.
learn more and apply today
Get in touch with a trusted Reverse Mortgage Specialist at Waterstone Mortgage. It’s our goal to help senior citizens create a more financially stable and secure retirement.
