It's all about peace of mind.
A reverse mortgage is a government insured loan program that allows senior homeowners to convert a portion of the equity in their home into usable cash.
There are no tax consequences, you do not forfeit any of your rights as the homeowner, you or your heirs of your choosing decide when or if the home is to be sold, and when the loan is repaid, 100% of the remaining equity belongs to you, your heirs or your estate.
The concept is simple. You have spent years building equity in your home by paying off (or paying down) your mortgage, and through the appreciation in your home’s value. A reverse mortgage simply allows you to withdraw a portion of that equity, use it any way that you like, stay in your home for as long as you like, and when you are ready to sell your home, or you have passed, the loan is repaid.
Reverse Mortgage Fast Facts
- You never forfeit title and your home need not be free and clear
- Neither you nor your spouse can ever be required to leave your home
- No monthly mortgage payment
- You or your heirs decide when or if the home is to be sold, and will retain all excess equity after paying off the loan
- No credit or income requirements
Ways to Use Your Reverse Mortgage
- Eliminate your current mortgage payment and/or receive extra tax-free income
- Fund long-term care insurance or in-home healthcare
- Pay for home repairs and property taxes
- Purchase a home with half the cash and no mortgage payments
- Gain peace of mind knowing you have immediate access to cash
To Receive Your Free Reverse Mortgage Analysis contact Jerry Wortman at 308-745-1500 or Janelle Klassen at 308-754-5400 or your local Sherman or Howard County Bank office.
