Refinance To A Reverse Mortgage
If your fixed income and expenses are making you second guess your retirement date, you need a new retirement solution. A Reverse Mortgage is an answer that can help save your retirement. With a Reverse Mortgage, you can stay in your home without selling by taking equity out of your home. Watch this short video to learn how refinancing your mortgage into a Reverse Mortgage can save your retirement.
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums, and servicing fees
- The loan balance grows over time and interest is charged on the outstanding balance
- The borrower remains responsible for property taxes, hazard insurance, and home maintenance, and failure to pay these amounts may result in the loss of the home
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment