- Allows seniors 62 and older to convert a portion of the equity in their homes into cash.
- No monthly mortgage payments due1
- Loan proceeds are tax-free2
- Proceeds from a reverse mortgage can be accessed in several ways – a lump sum distribution, monthly distributions, a combination of the two, or a line of credit accessible at any time.
1 Homeowners continue to pay property taxes, homeowner’s insurance and keep up home maintenance. Although there are no monthly mortgage payments, interest does accrue on the portion of the loan amount disbursed.
2 Homeowners should consult their tax advisor.