Convert equity in your home into tax-free income, without having to sell
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income without having to sell their home, give up title to it, or make monthly mortgage payments. The loan becomes due when the last borrower permanently leaves the home.
A reverse mortgage uses the equity you have built up in your home to provide you with readily available cash.
What are the advantages of a reverse mortgage?
- Remain independent. A reverse mortgage allows you to remain in your home and retain home ownership.
- No monthly mortgage payments. Additionally, you need not pay back the reverse mortgage until you permanently move out of the home.
- 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.
- Freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.
* Consult Tax Advisor. Not all products available in all states.