Gateway Blog

Reverse Mortgages are for homeowners 62 or older who are looking for money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses.

Advantage 1 - Stay Where You Are : Reverse mortgages allow you to stay in your home, and to retain home ownership.

Advantage 2 - No More Payments: No monthly mortgage payments are required on a reverse mortgage. You need not pay back the reverse mortgage loan, nor make any monthly mortgage payments until or unless you permanently move out of the home.

Advantage 3 - Reduced Taxes: Reverse mortgage payments to you are tax-free money. Because the money you receive from a reverse mortgage is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits.

Advantage 4 - Cash Flow: Getting reverse mortgage payments can bring increased freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.

Keep in mind that a reverse mortgage may not be for everyone, but your mortgage broker should be happy to help you make sense of the options. Look for a mortgage provider that will come to you, if getting around town is a bother. We do that, so if you're looking for that kind of service, feel free to give us a call.