Reverse mortgages are a popular option for seniors to supplement their income in retirement. This type of loan allows borrowers to access the equity they have built up in their home without having to make monthly payments. But, how do you know if you qualify for a reverse mortgage? And how can a reverse mortgage benefit you in retirement? This is what you need to consider before looking into a reverse mortgage.
Who Qualifies For a Reverse Mortgage?
- You must be at least 55 years old to qualify for a reverse mortgage
- You must own the home outright
- You must live in the home as your primary residence, meaning you’ve lived in the home for at least six months
What Are the Benefits of a Reverse Mortgage in Retirement?
- A reverse mortgage can help you stay in your home during retirement
- You can use a reverse mortgage to pay off existing mortgages or debts
- The loan does not have to be repaid until you die, sell your home, move out permanently, or default on your loan
- A reverse mortgage can help improve your retirement income and provide more financial security
- There are no monthly payments required, and you can choose to receive the money in a lump sum, monthly payments, or line of credit
- You can use the money to pay for repairs or renovations, to cover health care expenses, to pay regular bills, or to pay off debt
Process for Applying a Reverse Mortgage
- Talk to a reverse mortgage specialist
- Determine your eligibility for a reverse mortgage
- Get pre-approved to get an estimate on how much you qualify for and all your options
- Apply for a reverse mortgage loan
- Find out if there are any other benefits that come with this type of loan (tax, breaks and home equity conversion program)
If you’re worried about how to supplement your income in retirement, a reverse mortgage may be the solution. Our specialists can help you find out if a reverse mortgage is right for you. Give us a call at 604-763-4647 or contact us here.
Ingram Mortgage Group
Through our creative strategies and by taking a proactive approach to borrowing, we help ensure our clients are getting the best mortgages to meet their needs.