Reverse mortgages are helping older American across the country achieve greater financial security. And enjoy their retirement years to the fullest!
Imagine having the income you need to remain living comfortably in your home in retirement - and at the same time make much needed repairs or renovations, afford quality home health care, or even vacation with family and friends. Nearly 150,000 older Americans have done that thanks to the reverse mortgage, a unique financial product that gives senior Americans the freedom and peace of mind to fully enjoy their retirement years.
A reverse mortgage is a loan that allows seniors to use the equity they've accumulated in their homes over the years to improve their quality of life and knock down financial barriers to independent living. By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for almost any purpose - whether it's day to day living expenses, home remodeling or repair, paying off existing debt, earning a college degree, or traveling the world. Best of all, you retain the title and you remain living in your home.
Homeowners who are at least 62 years and older can qualify and may be eligible even if there is an existing first or second mortgage. There are no income qualifications. The size of the reverse mortgage granted depends upon the applicant's age, the type of reverse mortgage sought, the home's value, and interest rates.
For as long as a reverse mortgage is outstanding, no monthly mortgage payments are due. The loan matures when the borrower no longer occupies the home as a primary residence. This typically occurs upon the sale of the home, or if the owner permanently moves or passes away.
If you would like to learn more about Reverse Mortgages and how it can help change your life or the life of your parents, stop by a branch to request a brochure or visit CUMA online at www.CUMortgage.net. If you'd like to speak with a CUMA Representative about your personal situation, they can be reached at (800) 231-8855.