UNIFIED FINANCIAL – REVERSE MORTGAGES

A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.

You can choose to receive the money from a reverse mortgage all at once as a lump sum, fixed monthly payments either for a set term or for as long as you live in the home, as a line of credit, or a combination of these. The most popular option – chosen by more than 60 percent of borrowers – is the line of credit, which allows you to draw on the loan proceeds at any time.

Information from ReverseMortgage.org

BORROWER REQUIREMENTS

• Must be at least 62 years of age
• Must live in the home as primary residence
• Must have equity in the home

BENEFITS OF REVERSE MORTGAGES

• Supplemental Income
• Eliminate a House Payment
• Tax Free Money
• Buy A Car
• Hire In Home Care
• Update the Home
• Stay in Your Home for Life

FACTS ABOUT REVERSE MORTGAGES

• NO Income Qualification
• NO Payments
• Money Received is Tax Free
• Borrower(s) Retain Title To Property
• No Restrictions on use of funds
• Guaranteed No Debt left to heirs or Estate

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