Reverse Mortgage Loans
WHAT IS A REVERSE MORTGAGE?
Reverse mortgages allow people who have equity in their homes to turn that equity into cash. In a reverse mortgage you unlock the equity in your home and you don't have to repay it as long as you live there. The tax-free money from a reverse mortgage can be received as a lump sum, regular monthly payments, line of credit or in any combination and in the amount you choose. There are very little out of pocket expenses and most costs can be included into the loan. You, or your estate, pay the money back-plus interest-when you pass away, sell your home, or permanently move out of your house.
WHY SHOULD I CONSIDER A REVERSE MORTGAGE?
- Gives you access to extra income.
- Income is tax-free.
- It is insured by the government.
- You retain ownership of your home.
- There is no monthly payment.
- No pre-payment penalty.
- No income, employment or credit requirements.
WHAT CAN I USE THE MONEY FOR?
There's virtually no limit to what you can do with your reverse mortgage:
- Travel or take a dream vacation
- Buy a boat,RV or summer home
- Make home repairs and renovations
- Get quality long-term healthcare
- Pay off debts or taxes
- Shore up your estate
- And much more!
HOW DO I QUALIFY?
The only requirement is that all borrowers must be a least 62 years old and have equity in their home. You don't need a minimum amount of income to qualify for a reverse mortgage - you could even have no income and qualify. To learn more, contact Mountain America Credit Union at 1-801-325-6228 or toll free at 1-800-277-7703.
