Are you 62 years or older and a homeowner? If so, you may be able to transform the equity in your home into cash in your pocket. A Reverse Mortgage may help you achieve your retirement dreams.
You shouldn’t have to spend your retirement wondering how you will pay your bills. A Reverse Mortgage may give you the financial cushion you’ve been looking for.
It’s your home, put it to work for you.
As long as you continue to meet the loan guidelines the loan repayment is not required, thus freeing up your other income streams.
A Reverse Mortgage might help you pay off your current mortgage.
* When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.
Absolute Mortgage provides you with the tools you need to make the right borrowing decisions. These calculators will give you a basic idea of how key values are determined throughout the mortgage process. Try to ensure the information you enter is as accurate as possible. Always contact one of our Mortgage Advisors for an accurate quote that is best suited for your specific needs.
Together, we’ll find great mortgage solutions.
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