For many seniors, their homes are their biggest financial asset, representing their largest and often most overlooked source of extra income. In the past, senior homeowners who needed money essentially had two options: they could sell their home and move; or they could borrow against their home and then face monthly loan repayments.

Today, there is a third possibility: a Reverse Mortgage.

A reverse mortgage provides funding to senior homeowners, age 62 and older by converting a portion of the equity in their home into tax-free* income—without having to sell their home, give up title or make monthly mortgage payments.

It works much like a traditional mortgage, only in reverse. Rather than making a payment to a lender each month, the lender pays the homeowner. This money can provide seniors with the financial security needed to enjoy their retirement years.

Funds are provided by Financial Freedom, the nation's largest reverse mortgage lender, and are subject to their restrictions and guidelines. Please email us for more information.

Qualifications

Must be at least 62 years of age

Home must be the primary residence

Home does not need to be owned "free and clear," reverse mortgages can be used to pay off existing mortgages

Benefits

Eliminates monthly mortgage payments

Allows homeowners to continue living at home

Provides funds to improve quality of life and can be used for any purpose, such as paying for family caregivers, home repairs, care coordinators or prescription drugs

* Consult your tax advisor