- Must be a homeowner 60* or older with some equity.
- The amount of loan proceeds depends on age of borrower, appraised value of home, and the type of HomeSafe® you choose.
- Proceeds pay off your current mortgage, and you can get the remainder as cash.
- As long a you continue to pay your taxes and insurance and to uphold the terms of the loan, you keep the title to your home and live there payment-free. The loan is not due until the last living borrower leaves the home.
- With room in your budget after eliminating mortgage payments, and with cash in hand, create a retirement you feel good about.
*For certain HomeSafe® products only, excluding North Carolina, Texas, and Utah where the minimum age is 62.
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.