Reverseman

A reverse mortgage is a government-regulated, government-insured (FHA HECM) program that allows senior homeowners to convert some of their equity into tax-free cash. To be eligible, the youngest homeowner must be at least 62 years old and the home must be at least 50% paid off.

The government sets the interest rates and guarantees that you can never be forced out of your home or owe more than the home is worth, regardless of what happens to home values in the future. You keep the…

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A reverse mortgage is a government-regulated, government-insured (FHA HECM) program that allows senior homeowners to convert some of their equity into tax-free cash. To be eligible, the youngest homeowner must be at least 62 years old and the home must be at least 50% paid off.

The government sets the interest rates and guarantees that you can never be forced out of your home or owe more than the home is worth, regardless of what happens to home values in the future. You keep the title to your home (you don’t sign it over to the bank), and the bank does not get your home when you die.

Your responsibilities are to keep your homeowner’s insurance and property taxes current. The Reverse Mortgage becomes due when the last homeowner dies, sells, or permanently moves out.

WHAT YOU SHOULD KNOW ABOUT REVERSE MORTGAGES

You retain ownership of your house
Make no payments as long as you stay in your home
Proceeds are non-taxable; use for any reason
Get cash, monthly income, or a line of credit

Typical Uses of a Reverse Mortgage

Pay off existing credit card and mortgage debt
Home repairs and improvements
Property tax, medical, heating, electric, etc. bills
In-home health or other kinds of care
Gifts for loved ones
Long-term care insurance
Cash for investing or an emergency fund
A new car, travel, or other special things

There are many seniors in New Jersey whose lives have been changed for the better by a reverse mortgage. If you’d like to talk to someone local to you, who is willing to share their experience, just ask us, and we’ll make the arrangements.

Contact Reverseman to ask any questions, schedule a meeting, get a quote, or request additional information. Categories:   Financial Planners | Real Estate Loans

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