What is a Reverse Mortgage?

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a unique loan product that allows homeowners to convert a portion of their home’s equity into tax-free funds. Unlike a traditional mortgage, you don’t make monthly payments. Instead, the loan balance grows over time as interest accrues.   

This type of loan is designed to help seniors access their home equity to supplement their retirement income, pay for healthcare expenses, or address other financial needs. It’s important to understand that the loan becomes due when the last borrower passes away, sells the home, or no longer uses it as their primary residence.   

How Savvy Mortgage Services Can Help:

We recognize that exploring a reverse mortgage is a significant decision. Our knowledgeable loan specialists are here to guide you through the process with transparency and understanding. We will:

• Explain the Details: We’ll clearly explain the intricacies of reverse mortgages, including eligibility requirements, loan terms, and potential costs.
• Personalized Guidance: We’ll assess your individual financial situation and goals to determine if a reverse mortgage is a suitable option for you.
• Explore Your Options: We’ll help you understand the various ways you can receive funds from a reverse mortgage, such as a lump sum, monthly payments, or a line of credit.
• Address Your Concerns: We’ll answer any questions you may have and address any concerns you may have regarding this type of lending.
• Provide Transparent Information: Working with Savvy Mortgage Services you will receive honest and upfront details so that you can make the decision that is best for yourself and your family.

Key Considerations:

• Eligibility: Typically, borrowers must be 62 years of age or older and own their home outright or have a small remaining mortgage balance.   
  
   
• Property Requirements: The home must be your primary residence.
• Counseling: Before obtaining a reverse mortgage, you’ll be required to undergo independent counseling from a HUD-approved counselor.   
  
   
• Loan Repayment: The loan becomes due when the last borrower passes away, sells the home, or no longer uses it as their primary residence.   
  
   

Secure Your Financial Future:

If you’re a homeowner 62 or older seeking to enhance your retirement income, a reverse mortgage from Savvy Mortgage Services could be the solution you’ve been looking for. Contact us today to learn more and explore your options. We’re committed to helping you achieve a comfortable and financially secure retirement.