Retire with freedom
A reverse mortgage is a mortgage that pays you! Pretty sweat, eh? Reverse mortgages are designed to help retired people increase their monthly cashflow or just make things easier for them. By securing a loan against the equity you have in your home, this can allow you to draw monthly payments against the loan or take a bigger lumpsum payment. Lumpsum payments can be used to – help a family member enter the real estate market, do renovations to your home, go on a holiday – whatever you’d like! When it comes time to sell your home, the reverse mortgage is paid out with the sale proceeds. And don’t worry about owing more than your home is worth, reverse mortgage lenders have rules and regulations so they never lend you more than you could repay.