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How Does a Property Qualify for a Reverse Mortgage?
As seniors consider their financial options for retirement, a reverse mortgage can be an attractive choice for tapping into the equity of...
4/15/23
Navigating the Road to Recovery: Forecast for the Mortgage & Housing Market
The mortgage and housing market has been impacted by various factors, including the global pandemic, economic fluctuations, and changing...
4/15/23
How Long Does it Take to Fund a Reverse Mortgage?
As seniors explore their options for accessing home equity, reverse mortgages can be a valuable tool. However, there are often...
4/15/23
Debunking the Top 5 Myths about Reverse Mortgages
As a leading provider of reverse mortgages, Efinity Mortgage Senior Lending has encountered various misconceptions about this unique loan...
4/15/23
Unlocking Your Home's Value: The Benefits of Reverse Mortgages for Empty Nesters
As a leading mortgage provider specializing in reverse mortgages, Efinity Mortgage is passionate about helping homeowners, including...
4/15/23
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What is a reverse mortgage?
A reverse mortgage is a special type of home loan that allows older homeowners with significant equity to borrow against their home’s value without making any monthly payments. Unlike a traditional (“forward”) mortgage where you pay the lender, when you take out a reverse mortgage.
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Benefits of a Reverse Mortgage
You can stay in your home longer.
The flexible options for tapping equity give you more ways to meet changing financial needs as you get older. For example, making home improvements to age in place with a reverse mortgage may be more affordable than selling and downsizing your home.
You can add to your retirement income.
If you choose to receive payouts from your reverse mortgage on a monthly basis, you’ll have a reliable flow of cash in your budget.
You can pay off debt.
If you have unpaid medical bills or high-interest debt, you can pay off your balances with a lump-sum distribution.
You can leave other retirement accounts alone.
Drawing income from a reverse mortgage may help you avoid early withdrawal penalties from other accounts in your retirement portfolio.
You’ll have more financial freedom.
You can use reverse loan funds however you’d like, giving you the flexibility to do what’s important to you and your family. You can help a child out with college tuition or renovate your home to meet special needs as you or a loved one ages.
Your reverse income is not taxed
The IRS doesn’t consider reverse mortgage payments as income, so they aren’t taxable — regardless of whether you receive them as a lump sum, monthly income, line of credit or any combination of the three.
You won’t leave an underwater home to your heirs.
Reverse loans have built-in protections that limit your heirs’ responsibility for any remaining balance after you die.
You don’t have to meet debt-to-income (DTI) ratio requirements.
No mortgage payment means less income is needed to qualify. However, a lender will need to verify that you can maintain your property taxes, homeowners insurance and, if applicable, homeowners association (HOA) payments.
Industry Insights
How Does a Property Qualify for a Reverse Mortgage?
Navigating the Road to Recovery: Forecast for the Mortgage & Housing Market
How Long Does it Take to Fund a Reverse Mortgage?
Debunking the Top 5 Myths about Reverse Mortgages
Unlocking Your Home's Value: The Benefits of Reverse Mortgages for Empty Nesters