The Benefits of a Reverse Mortgage

  • Make Home Renovations, Pay Off Debt, Fund In-Home Care

  • Get Tax-Free Proceeds with No Monthly Payments

  • Rest Easy Knowing Your Heirs Aren’t Personally Responsible

  • Provide a Living Inheritance

  • Reverse Mortgages Have Improved as a Retirement Tool

  • Use a Reverse Mortgage to Buy Your Dream Home

  • If You Were Turned Down Before, You May Be Eligible Now

Myths and Realities of a Reverse Mortgage.

Reverse mortgages are going to become “one of the key means of funding retirement in the future.”

(According to a Nobel-Prize winning economist, Robert Merton.)

But, there are powerful myths stopping many retirees from pursuing a Reverse Mortgage.

How many have you heard before?

Myth 1: The Lender Owns the Home
You retain ownership of your home during the loan. The loan doesn’t become due as long as you live in the home, maintain it according to FHA guidelines, and pay property taxes and insurance. You can sell the home anytime, and the lender does not own it.

Myth 2: The Home Must Be Free of Any Existing Mortgages
Many homeowners use reverse mortgages to pay off existing mortgages, eliminating monthly payments. You don’t need to own the home outright to qualify for a reverse mortgage.

Myth 3: You Must Pay Taxes on Reverse Mortgage Proceeds
Reverse mortgage proceeds are not considered income, so they are tax-free. While the funds are not taxable, they may affect eligibility for certain benefits. Always consult a financial advisor for guidance on potential tax or benefits impacts.

Myth 4: There Are Restrictions on How You Can Use the Loan Proceeds
Once your mortgage is paid off, you can use the remaining funds as you wish. Many people use the money to supplement retirement income, pay medical bills, remodel, or assist family. Use the funds wisely to support your financial goals.

Myth 5: Reverse Mortgages Are Only for People Who Are Struggling Financially
Reverse mortgages are not just for those in financial need. Many affluent seniors with valuable homes use them as part of their retirement and estate planning. A reverse mortgage can improve financial flexibility and quality of life.

“Now that I have a Reverse Mortgage I don’t have to worry about money, and that is everything to me. A Reverse Mortgages is a very stable place to go, this was my 2nd Reverse Mortgage. John’s team followed up with advice every single step of the way. We never had any doubts, when John said it’s going to happen, it’s going to happen!”

- Jake W.

Get in touch.

Don’t let myths stand in your way of living your best life. Contact our team today.

Disclosure: A reverse mortgage allows homeowners 62 or older to convert home equity into loan proceeds, with repayment due when the home is sold, the borrower moves, or passes away. The loan accrues interest, and you remain responsible for home maintenance, property taxes, and insurance. This is not a commitment to lend, and before proceeding, you must meet with a HUD-approved counselor; you also have the right to cancel the loan within three business days after closing.