For homeowners 62 and older, a reverse mortgage converts your home equity into cash—no monthly payments required. Keep your home and maintain full ownership.
A reverse mortgage can be a powerful financial tool for retirement planning and addressing unexpected expenses.
Unlike a traditional mortgage, you don't make monthly payments. The loan is repaid when you sell or pass away.
You maintain full ownership of your home. Live there as long as you wish while accessing your equity.
Receive funds as a lump sum, monthly payments, or a line of credit—whatever suits your retirement needs.
You're at least 62 years old and own your home outright or have paid down most of your mortgage.
Access a loan amount based on your home's current value, your age, and current interest rates.
Choose a lump sum payment, monthly installments, or an open credit line you can access as needed.
Keep living in your home. You won't owe monthly payments as long as you stay in the home.
The loan is repaid from the sale of your home or from your estate when you pass. Any remaining equity goes to your heirs.
Supplement Social Security, pensions, and savings to maintain your desired lifestyle in retirement.
Cover long-term care, medical treatments, or in-home care services as you age.
Eliminate your remaining mortgage balance and eliminate those monthly payments.
Fund necessary home repairs, renovations, or improvements to keep your home in good condition.
Assist adult children or grandchildren with education, home purchases, or emergencies.
Have a financial cushion ready for unexpected expenses or life events.
To qualify for a reverse mortgage, you'll need to meet some basic requirements.
Your heirs inherit the home. They can choose to keep it, sell it, or sell it to pay off the reverse mortgage. Any remaining equity after the loan is repaid goes to them.
In most cases, a reverse mortgage won't affect Medicare or Social Security benefits. However, Medicaid eligibility can be affected. We recommend consulting with a financial advisor about your specific situation.
Reverse mortgages typically include origination fees, closing costs, and mortgage insurance. These costs are paid from the loan proceeds or added to the loan balance. We'll provide a detailed breakdown of all costs upfront.
Yes. If you're married, both spouses can be on the loan. This is important for protection after one spouse passes away.
Yes. You can sell your home at any time. The reverse mortgage is paid off from the sale proceeds, and you keep any remaining equity.
Learn if a reverse mortgage could be part of your retirement strategy. TRI-GLOBAL EQUITIES is here to answer your questions.
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