What A Reverse Mortgage in The Villages, Florida Can Do For You

If you are 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – consider a reverse mortgage.  A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.

With a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. The proceeds of a reverse mortgage are generally tax-free, and many reverse mortgages have no income restrictions.

Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments.

Reverse mortgages are the perfect solution for any baby boomer who wishes to remain in their home. Instead of moving to a new location, a reverse mortgage can help to make those ‘aging’ home improvements. Redo the bathroom with a walk in tub or shower, add a main level bedroom, redo the floors and lighting.

There are many things you can do with a reverse mortgage to help you live stress free in your golden years.

For more information about a reverse mortgage in The Villages, Florida or the surrounding area, contact your Reverse Mortgage Expert at iReverse Home Loans. We have helped many seniors with the knowledge they need to live comfortably in retirement. Call 800-486-8786 ext 813 today!