Your current loan (if you have one) will be paid off with your new reverse mortgage, totally eliminating any current mortgage payment you have! If there is money remaining after your mortgage is paid off, you get that money tax-free! If your home is paid off, you can use a reverse mortgage access to the equity that you have worked so hard to build.
Is a Reverse Mortgage Right for You?
Seniors Report High Satisfaction with Their Reverse Mortgages
Get cash monthly or lump sum
Just pay your taxes and insurance
Own your home & live in it while getting monthly cash
Your social security generally won't be effected
Reverse Mortgage Myths
Qualifying is very difficult
Liable for the loan balances that exceed home value
The bank now owns your home
Reverse Mortgages are expensive (prices vary by situation)
Qualifying is Easy
Youngest homeowner on title must be at least 62+
If you own your home or have a large amount of equity
Your home is your primary residence (Where you live)