Understanding Reverse Mortgages

Join us a Plymouth Library to learn more and find out if a Reverse Mortgage is right for you.

Accessing Funds | Getting your money is easy, and you have options:

• Lump Sum: Pay off your existing mortgage or fund home improvements.
• Monthly Distributions: Annuitize your equity to supplement your income.
• Line of Credit: Draw funds as needed for whatever purpose.
• Purchase a home that fits your retirement needs.

Mortgage Payments | Monthly payments on Reverse Mortgages are optional, but not required. The loan is typically repaid at the time of sale.

Ownership | You own your home, not the bank. Just like any other mortgage, the Reverse Mortgage is a loan, and it DOES NOT affect your ownership of the property. You are responsible for property upkeep and ensuring your real estate taxes and homeowner's insurance stay current.

Tax Implications | Proceeds from a Reverse Mortgage are not considered income and are nontaxable per the IRS. Moreover, your Social Security and Medicare benefits will not be impacted by taking distributions. For more details, consult your tax advisor.

This is Retirement Done Right.

Reverse Mortgage loans are available to borrowers 62 and older.

Host or Publisher Maple Grove Homebuyer Class