A reverse mortgage can be used to turn a portion of the equity in your home into cash that can be used for many different purposes that may enhance and extend your retirement.
If you currently have a mortgage, a reverse mortgage could eliminate your mortgage payment (taxes and insurance must still be paid, and the home maintained), and also allow you to access any additional equity (over and above your mortgage balance), to create accessible cash which is not readily available while in the form of home equity. You have spent many years putting your money into your home equity, and now with a reverse mortgage, you may be able to convert some of that equity into tax-free cash.*
*This advertisement does not constitute tax advice. Please consult your tax advisor for your specific situation.
Editor’s Note: This article was submitted by Renatta Anderson. She is a Reverse Mortgage Planner with Fairway Independent Mortgage Corporation and may be reached at 720-849-7389 or by email at firstname.lastname@example.org.