“Is a Reverse Mortgage right for me?”
“Is a Reverse Mortgage right for my parents?”
What is a reverse mortgage? Also known as a Home Equity Conversion Mortgage, it’s an FHA loan for established homeowners (ages 62 and up) to convert home equity into tax-free cash.
Borrowers can use reverse mortgage proceeds for any expense. There are no payments to make for the length of the residence. Reverse mortgage loans are repaid upon death, sale of the home, or with a change of the borrower’s primary residence.
A reverse mortgage is a viable option to collect proceeds without selling your home, giving up the title, or incurring a new monthly mortgage payment. United Faith Mortgage can help you decide if a reverse mortgage is right for you.