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    • Supplement monthly income: Borrowers have a fixed retirement income, and need more money each month to live comfortably. They can receive monthly income for life, or if they prefer, payments for a fixed number of years (as long as they continue to reside in the home as their primary residence).
    • Major expenses: Borrower has enough money to cover routine monthly needs, but can’t afford major expenditures that may arise. A Reverse Mortgage line of credit can be used to cover these expenses. Examples: Home repairs/ renovations; car repairs; in-home care services, mobility devices, etc.
    • Gifts to family members: Rather than leaving a money bequest in her will, the borrower can tap into her home equity and make gifts to loved ones while she is still alive and able to see them enjoy the money gift. Examples: helping children buy a new home; helping grandchildren go to college or buy their first car; taking the family on a cruise.
    • Purchase additional properties: Borrowers use the Reverse Mortgage proceeds to purchase a second residence, while keeping the current home as their primary residence.  This leaves them with no monthly mortgage payments on either property! Great for vacation homes or investment properties.
    • Defer Social Security benefits: The Reverse Mortgage allows seniors to maximize their Social Security payments by waiting until age 70 to collect, yet still have money in the interim to supplement income.
    • Relocation or downsizing: Borrowers could sell their current home and use the proceeds to pay cash for a new place. However, using a Reverse Mortgage for the purchase might make better sense; this way only a portion of the purchase price must be paid in cash, and the rest financed with the Reverse Mortgage.  The remaining sales proceeds act as a “nest egg” to cover any future needs. Most importantly, there will still be no monthly mortgage payments to worry about!

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Office : 866-777-6209
5110 Carillon Point
Kirkland, WA 98033
NMLS#: 195766

Reverse Mortgage Calculator

Reverse Mortgage Calculator

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We will be happy to assist if you have any questions regarding Reverse Mortgage for income or for purchases.

This material is not from HUD or FHA and has not been approved by HUD or a government agency.