After paying off any home debt, you can use your reverse mortgage loan proceeds for anything you choose, such as: supplementing monthly living expenses, paying for home repairs or renovations, covering medical costs, consolidating credit card debt, or helping out the kids and grand kids.
While there are no credit score requirements, we still need to assess your income and credit for the purposes of qualifying for this loan.
Proceeds from a reverse mortgage loan are tax-free and not considered income. Loan proceeds also do not affect Social Security or Medicare benefits. The borrower is still responsible for property taxes, insurance, and home maintenance. Consult your tax adviser for more details.
Both fixed and variable rate loans are available. Most closing costs and fees can be financed as part of the loan.
Yes! A HECM reverse mortgage loan can help you "right-size" by allowing you to use this product to purchase a new home better suited to your needs.