Reverse Mortgage Facts

Reverse Mortgage FACTS

What Realtors Should Know About Reverse Mortgages

How You May Use Your Reverse Mortgage?

There are few restrictions on how you may spend the money you receive from a reverse mortgage. When your reverse mortgage closes, any existing mortgages or liens must be paid off.  The remaining available loan proceeds may be used as you wish. After all, it is your money! It comes from the equity you have built up in your home over the years. You can spend your tax-free money any way you’d like with no required monthly mortgage payments. But please note – during the life of the loan, you must remain current on your real estate taxes, hazard insurance, any other property charges, and abide by the loan terms.

Here are some ways clients have used their reverse mortgage: