A reverse mortgage lets homeowners 62 and older borrow against the equity in their home without making a monthly mortgage payment. You keep the title. The loan is repaid when you no longer live there.
That one sentence covers the mechanics. What it does not cover is whether it is a good idea in your particular situation — and that depends on your age, your equity, how long you plan to stay, and what you want to leave behind. Those are the questions we are here to work through with you.
Start with the question you actually have
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What is a reverse mortgage?
A home loan that lets you borrow against your equity without a monthly mortgage payment. You keep the title.
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The benefits
Stay in your home, pay off an existing mortgage, and choose how you receive the money.
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Pros and cons, side by side
The honest trade-offs, including the fees and the effect on what your heirs inherit.
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How to apply
The seven steps, from your first conversation to the day the funds are disbursed.
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Is it right for you?
A reverse mortgage is a good solution for many people, though not for everyone. Questions to ask yourself.
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When it gets repaid
What triggers repayment, and the three ways you or your heirs can settle the loan.
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What it costs
Closing costs, mortgage insurance, the origination fee and the ongoing servicing fee.
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Before you sign
Residency rules, adding your spouse as a co-borrower, and the obligations that stay with you.
Why us
Michele spent years as a hospice nurse before entering the mortgage industry, and watched family after family make financial and care decisions under pressure with incomplete information. That is the whole reason this practice exists.
We offer no-pressure information and planning meetings with homeowners and their families, and we will tell you plainly when a reverse mortgage is not your best option. More about Michele.