Reverse Mortgages

Reverse mortgages are probably one of the most misunderstood and underutilized products in the mortgage industry. If you are 55 years or older, and you do not have a mortgage or you owe less than 50% of the value of your current primary residence, reverse mortgages could be a great option. Also called the Home Equity Conversion Mortgage (HECM) for FHA versions, it's a wonderful product to use if you would like to pull cash out and/or when someone would no longer like to make any monthly mortgage payments while staying in the home.

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You can also use a reverse mortgage to purchase a new home, downsize, upsize or move closer to family.  Many people receive cash from the equity at closing and/or set up a line of credit that can be utilized as needed.  Financial planners are also recommending these products as an additional retirement strategy for their customers. 

 

At Everest Lending LLC, we can illustrate a program detailing what you may be eligible for at no cost to you.

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