Did you know that, as a senior, you can use a reverse mortgage as a tool in your financial planning? Here are loan benefits you can enjoy when you supplement your retirement income with a reverse mortgage:
Some people believe that a lender takes ownership of your home in a reverse mortgage. This is false. You remain the owner as long as you comply with the loan conditions.
In a reverse mortgage, payments are given to you as long as you live in your home. There are no monthly payments like those in a traditional loan. The loan is repaid when you sell your home or move to another primary residence.
Have peace of mind that federal insurance covers your loan.
You can choose to receive funds in total, partial sum, line of credit, monthly payments, or a combination of any of these options.