Intro to Reverse Mortgage Loans
Unlock Home Equity, Gain Financial Freedom, and Stay in the Home You Love
What Is a Reverse Mortgage?
A reverse mortgage is a type of loan available to homeowners aged 62 and older that allows them to convert a portion of their home equity into cash—without selling their home or making monthly mortgage payments.
Instead of making payments to a lender, the lender pays the homeowner. The loan is repaid when the homeowner sells the house, moves out permanently, or passes away.
Key Features of Reverse Mortgages
- No Monthly Mortgage Payments Required
- Retain Full Ownership of Your Home
- Tax-Free Loan Proceeds (consult a tax advisor)
- Use Funds However You Choose
- Federally Insured (for HECM Loans)
- Heirs Can Inherit the Home
This was the best thing I ever did. Dealing with Todd Woodcock was wonderful; he walked me through it and gave me lots of information. Questions were answered anytime with no pressure. I contacted my Financial Advisor and with counsellors they help you to know if it's right for you. And that you understand it all. Now, no more worries about taxes and insurance.
I HIGHLY RECOMEND TODD WOODCOCK. HAVE PEACE OF MIND NOW!
I HIGHLY RECOMEND TODD WOODCOCK. HAVE PEACE OF MIND NOW!
Todd was professional, communicative, and an expert in this field. He did an amazing job and made the reverse mortgage process a pleasurable experience.
Todd went above and beyond to assistant my parents with their reverse mortgage. He was patient and explained the process from beginning to end. I'd recommend Todd to anyone exploring the possibility of a reverse mortgage. Definite 5 star experience.
If you are considering a reverse mortgage, then look no further than Todd Woodcock, certified reverse mortgage professional! He is extremely knowledgeable, explains everything carefully and thoroughly, is very prompt with responses and answers all your questions! He makes his clients his #1 priority! I recommend him highly. In fact, I run a lifelong learning center in Florida, and I am bringing him to my school to give a workshop on reverse mortgages.
How Does It Work?
Here’s a simplified breakdown:
- Eligibility: Must be 62 or older, own your home (or have low mortgage balance), and live in it as your primary residence.
- Loan Type: Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), backed by the FHA.
- Payout Options: Receive funds as a lump sum, monthly payments, line of credit, or a combination.
- Repayment: The loan is repaid when the borrower moves out, sells the home, or passes away.
- Non-Recourse Protection: You’ll never owe more than the home’s value, even if the loan exceeds it.
As an adult child, this can bring peace of mind knowing your parent has the resources they need while preserving their dignity and independence.