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Understanding Reverse Mortgages
Eliminate mortgage or high-interest loan payments. If your monthly expenses are holding you back from living the retirement you dreamed of then a reverse mortgage could help you eliminate those payments. Get the financial freedom to fund the retirement you deserve.
All borrowers on the home’s title must be at least 62 years old. The older you are, the more funds you can receive from a reverse mortgage. You must live in your home as your primary residence for the life of the reverse mortgage. You need at least 50% equity in your home to qualify.
Line of Credit
Set up a growing line of credit as a safety net. Watch the unused principal grow over time, giving you access to more funds the longer it goes unused. A reverse mortgage is a great way to access your home’s equity to supplement your income, establish a “rainy day fund” or meet a variety of other financial goals.
If you have equity in your home and believe you meet the eligibility requirements, a reverse mortgage may be a smart option that could provide greater financial flexibility and security. This loan can even help you purchase a new primary home. There are different types of reverse mortgages, contact us to find out which is best for you.
Retire Direct Club is here to help you navigate the reverse mortgage world
Providing benefits and information for seniors, we have helped thousands of people with their questions about everything from insurance to financial needs. Our focus is finding the right financial solution to help you reach your goals by partnering with many reputable, licensed companies that specialize in reverse mortgages.
If you’re 62 or older, a reverse mortgage may be right for you. It’s an innovative financial tool that can provide you with extra income, either as a lump sum, monthly payments, line of credit or any combination of the three. You can use it to have more financial freedom, a more secure retirement, to pay health expenses, make home renovations or even to purchase a new home.
Contact us today to allow one of our specialists to get you to the right licensed agent in order to better serve you.
Frequently Asked Questions
What is a reverse mortgage?
A reverse mortgage is a safe and secure financial tool. It lets you use the equity in your home to get income, either as a lump sum, monthly payments, a line of credit or any combination of the three.
What are the different types of reverse mortgages?
There are many types of reverse mortgage loans, from Home Equity Conversion Mortgage (HECM) for Purchase loans, that help you buy a new home to HomeSafe loans that help fund a more comfortable retirement.
Is a Reverse Mortgage right for me?
Reverse mortgages have helped over one million Americans use the savings they’ve built up in their homes to enjoy a better retirement. All you need to qualify is to be at least 62 years old, own your home, and the home must be your primary place of residence.
Is a Reverse Mortgage Safe?
Just like any other mortgage loan, a reverse mortgage is well regulated. It’s a government-insured and federally regulated mortgage loan, and it includes many protections in place for your financial safety and peace of mind. Breathe easy knowing the experts at Mutual of Omaha Mortgage are here for you because our top priority is helping you protect what you care about and achieve your financial goals.
Do all homes, condos, townhouses and manufactured homes qualify?
Single Family homes, townhomes and condominiums that are approved by the FHA are covered. Some manufactured homes that are built after 1976 may qualify as well.