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Home Equity Line of Credit (HELOC) is a popular option for people who want to access the equity in their homes. Homeowners over the age of 62 may be eligible for a reverse mortgage line. Reverse mortgage lines of credit are similar to HELOCs. The value is based upon your equity and you can access it whenever you want.
A reverse mortgage line can offer many benefits, and unlike a HELOC, it is a benefit that people have access to. It grows in value regardless of how often they use it. This can provide financial security and cover for future expenses. Reverse mortgage credit can also be used to receive monthly payments that allow clients to live comfortably while deferring the use of their retirement savings. This may give the assets more time for growth.
Because of its many features, the reverse mortgage line is very popular. Reverse mortgage lines of credit are recommended by some financial advisors as a retirement planning tool. However, the line of credit does not guarantee you will receive your reverse mortgage proceeds. There are other ways to receive your reverse mortgage proceeds. Reverse mortgages offer the benefit of not having to make monthly mortgage payments. However, homeowners insurance, property taxes and home maintenance costs are still your responsibility.
Visit One Reverse Mortgage to request a complimentary guide. www.onereversemortgage.com/nu/To speak to a licensed specialist, call (888-779-8011). One Reverse Mortgage has licensed specialists who can answer all your questions and help get you started on a reverse mortgage product.
Equal Housing Lender. Listened in all 50 US states. One Reverse mortgage NMLS #2052
These materials are not HUD/FHA approved and have not been approved by HUD/a government agency.
