1st Eagle Mortgage and Loan Company in Chicago Northfield Illinois

Reverse Mortgages

A Reverse Mortgage is a retirement tool that allows senior homeowners 62 or older to convert home equity into TAX-FREE CASH.  A reverse mortgage can also be used to purchase a home while not using all of your hard-earned money. This comes in handy if you’re thinking of downsizing.

See our Reverse Mortgage Calculator below.

Program Features:

  • NO monthly mortgage payments
  • STAY in your home
  • TITLE remains in your name
  • NO up-front lender costs
  • TAX-FREE cash flow
  • S. government insured (HECM Loans)*
  • Financial peace-of-mind

At 1st Eagle Mortgage, we are experts on Reverse Mortgages.  With decades of experience in the mortgage industry, we have the wealth of knowledge to assist you through this process.

There are many stories and misinformation about these programs.   While not for everyone, it can be an excellent program in many cases for anyone 62 years “young”  or older. Basic information:

  1. You own your home and you’re on the title, not the bank.
  2. It’s a loan, nothing more, and can be paid back at any time.
  3. No mortgage payment for as long as you live in the home, even if you live to be 200.
  4. It can assist with long term care expenses.
  5. It doesn’t reduce social security benefits.
  6. You do have to maintain the home–pay property taxes and continue to maintain insurance.
  7. It is a “non-recourse” loan, which means that you or your heirs can never owe more than the home is worth.

A reverse mortgage can be used to help with immediate financial problems or as a financial planning tool.   The goal of most people to is not run out of money during their lifetime.   A reverse mortgage can be a big help to accomplish this.   If needed now to pay off credit cards or student loans the money used to convert home equity into cash is tax free and can be used for whatever you like.

This program is most helpful when used as a financial planning tool to extend your retirement savings.   It can be used to delay taking social security and avoiding the need to dip into savings or a retirement    program especially during a “down” year for stocks.   As we age, everything costs more and keeps many of us up at night.    A reverse mortgage pays interest on any funds not used.    It is a self-generated safety net for unforeseen expenses.  You should talk to your financial planner to explore this further.   I can give you the names of several that I’ve worked with.

A reverse mortgage can also be used to purchase a new home, especially if you’re downsizing .    Rather than paying cash, roughly 50% of the purchase price of a home can be the amount of a reverse mortgage.  You’d be able to keep the balance into your bank account.   While, it doesn’t work for everyone,  call the office at 847-441-4116 to explore this possibility.

These materials are not from HUD or FHA, and were not approved by HUD or a government agency.

Call 847.441.4116 to see if a Reverse Mortgage is right for you or click the Apply Now button below!

Comments are closed.