A reverse mortgage is a type of loan that allows you to convert a portion of the equity in your home into cash. This cash can be used for any purpose, but it's typically used to supplement retirement income.

A reverse mortgage works like any other debt and can be paid off. Once your home is sold, ensure that the reverse mortgage loan is paid in full from the proceeds. It's important to keep in mind that even though you may owe less than what your house is worth, there might still be taxes or fees due when the home is sold. Always talk to a mortgage professional to better understand the net proceeds from the sale of your home.

With a reverse mortgage, you can pay the loan in full anytime; however, you will stop receiving your monthly payments if you do so.

Reverse mortgages are just one option for pulling equity from your home. To learn more about all your options, call us now (727) 784-5555. We will walk you through what to expect and answer all your questions, not just the traditional ones.

If you have questions about reverse mortgages and home loans, please ask using the form below or give us a call.

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