Reverse mortgages for seniors Featured Article

A reverse mortgage is a special type of home loan that lets a homeowner convert part of the ownership value in their home into cash without having to sell the home. Unlike a traditional home loan, no repayment is required until the borrower sells the home, no longer uses it as a main residence, or dies.

ere are no income or medical requirements to get a reverse mortgage, but you must be age 62 or older. e loan amount is tax-free and can be used for any expense, including long-term care. However, if you have an existing mortgage or other debt against your home, you must use the funds to pay o those debts rst.

If you are thinking about a reverse mortgage, talk to an expert. A reverse mortgage can be complicated, and other borrowing options may be available. ese might include a home equity loan or re nancing an existing mortgage to lower the monthly payments. Like a reverse mortgage, these options can free up cash for covering longterm care expenses. Additional information about reverse mortgages and other borrowing options is available from the Consumer Financial Protection Bureau.

All companies listed are licensed by the state of Texas.

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“Every person here went above and beyond to make sure my dad was comfortable during his last days. His transfer from the hospital to his passing, everyone was there for him and made us feel like he was their top priority. You can’t go wrong allowing this team to care for your loved one.” Justin S.