With a reverse mortgage, you can attain financial flexibility. You will have access to funds that you can spend however you see fit. Whether you need to pay for medical expenses, home repairs, or anything else, you won’t have to worry about not being able to afford them.
It Is Non-Taxable
When you receive funds from this loan, it is considered non-taxable income, so the money you get is fully yours.
Choose How To Get Your Funds
When your reverse mortgage funds are paid to you, you can choose how to receive them. You can opt for a lump sum, meaning you get all the money at once. You can also pick monthly payments, a line of credit, or a combination of these. If you choose a line of credit, you will only pay interest on the money you use.
You Don’t Have To Make Monthly Payments
With a standard mortgage, you pay your lender every month. With a reverse mortgage, you are the one receiving payments. While interest does accrue on the funds you get, you do not have to pay anything back until you move out of your home.
You Can Assist Others
You can use your money to pay for pretty much anything you’d like. This means you could pay for a relative’s college tuition or to help others in a family emergency.
Improve Your Home
Because a reverse mortgage , many choose to use this money for home improvements. Whether you need to install medical technologies or simply want to renovate your home, this is a great way to spend your money. Plus, you will ultimately be increasing the value of your house, and making it more safe and enjoyable to live there.
You Are Not Limited
For many, especially those on a fixed income, getting older means financial constraints. If you are retired and no longer earning income from a job, a reverse mortgage can be a source of cash. Spend your golden years as you please, and don’t feel limited by the budget of social security payments or other insufficient funds.
Contact Us To Learn More About Reverse Mortgage Benefits
There are many benefits to a reverse mortgage, and we are always happy to tell you about them. For more information or to receive a free, no-commitment consultation, please call Family Home Loan Texas at 1-800-990-LEND (5363).