That depends on what you have decided to do with your home. If you have left it to someone, then they will still inherit it. They will have up to 12 months to either repay the reverse mortgage, sell the home and keep the profits, or refinance the reverse mortgage into a forward mortgage or another reverse mortgage (if they are old enough).
Why the Reverse Mortgage?
Continue to make your mortgage payment or don't. The freedom to choose is yours.
Your Retirement, Your Way
There is trillions of dollars of unused equity in the US. Using yours will give you more freedom to live retirement the way you always imagined.
Use Your Money However You want
With no restrictions on how you spend the money you receive, you have the freedom you need. Help your family, pay bills, or simply save for a rainy day.
Doesn't Affect Entitlements
You don't have to worry about social security benefits, Medicare, or any other entitlement. The reverse mortgage doesn't affect any of them.
Doesn't Affect Credit
Whether you make your mortgage payment in full, make a half payment, or choose not to make your payment at all, your credit is never affected with the reverse mortgage.
Pay Off Debt
Not only can the reverse mortgage pay off your existing mortgage, but it can also be used to eliminate credit card debt, auto loans, personal loans, student loan debt, and more.
Ready to learn more about how the reverse mortgage can help you?
Call us at 866-999-7875 or fill out the form below to speak with a reverse mortgage expert today!