Cashout Equity for Your Retirement!
Boomers are sitting on mountains of home equity. If you own a home with equity, you can turn this equity into cash and enjoy the money with no monthly mortgage payments.
- Cashout the equity you have built up over the years
- Use the money to pay off debt or buy what you want
- Backed and insured by the U.S. Federal Government
A reverse mortgage is a type of home equity loan specifically designed for seniors 62 and older that could bring more stability and security to your retirement.
If you’ve been thinking about how to fund your retirement, whether for your immediate needs or for the longer term, and you want to find out how a reverse mortgage loan really works, you’ve come to the right place.
A reverse mortgage can help you do the following:
Eliminate mortgage payments
Cover daily living expenses
Pay for medical expenses
Help family members in need
Save for unexpected emergencies
Pay for medicine and health bills
Buy a new car
Pay off your forward mortgage
Use as part of a retirement plan
Set up transportation
Delay collecting Social Security
Eliminate high-interest debt
Invest in opportunities
Purchase health technology
Avoid the stress of paying bills
Supplement retirement income
Consolidate and pay debts
Repair or renovate your home
Pay for grandchildren’s education
Maintain reserves for downturns
Replace salary and maintain routine
Pay for a vacation
Pay for a nursing/care facility
Convert room to a caregiver facility
Create set-aside for taxes/insurance
Pay for estate plan/will/funeral costs
Eliminate credit card debt
Avoid using or selling off assets
Avoid selling your home
Stay in your home until you pass
Here are 10 important facts you should know:
1. Helps seniors turn home equity into cash.
2. You can use the funds however you choose.
3. Receive lump sum, line of credit, or payments.
4. Backed and insured by the U.S. Government.
5. You never give up ownership of your home.
6. No required monthly mortgage payments.
7. You can pay off your existing mortgage.
8. No repayment as long as you live there.
9. No minimum income requirements.
10. You can leave your home to your heirs.
This guide answers the following questions:
1. What is a reverse mortgage?
2. Why is it called a “reverse” mortgage?
3. What is a “HECM” reverse mortgage?
4. Is this a government loan?
5. Is this a Home Equity Line of Credit?
6. What are the requirements?
7. Do both spouses have to be over 62?
8. What is the application process?
9. What are the upfront and ongoing costs?
10. What about interest payments?
11. How much can I get?
12. How much equity do I need?
13. How do I receive the funds?
14. How can I use the funds?
15. When does the loan become due?
16. What about my existing mortgage?
17. Is this a second mortgage on my home?
18. What types of homes are eligible?
19. Can I sell my home at any time?
20. Do I continue to own my home?
21. Could I lose my home?
22. Will it affect my benefits?
23. What if my spouse survives me?
24. Can I leave my home to my heirs?
25. How long do my heirs have to repay?
26. What if I move to a care facility?
27. What if I live with my family for a while?
28. What is the Right of Rescission?
29. How do I find a third-party counselor?
30. Can a reverse mortgage loan be trusted?
In The News
Reverse mortgages are in the news:
Reverse mortgages have transitioned to a retirement income tool as part of an overall retirement income plan.Wade Pfau, Forbes
A reverse mortgage is a financial vehicle used by plenty of older Americans to access cash from their home.Michael Lazar, Huffington Post
If you’re near retirement and worried you won’t have enough money, a reverse mortgage might be a smart strategy.Deborah Kearns, USA Today
The benefit of a reverse mortgage is that it puts cash in your pocket to help you cover your retirement expenses.Maurie Backman, Fox Business
If you’re short on cash in retirement but do have equity in your home, you might want to get a reverse mortgage.Donna Rosato, Money
More financial advisers have warmed up to the idea of homeowners taking a reverse-mortgage line of credit.Jeff Brown, Wall Street Journal
Since 1996, CB Investments has helped countless seniors enjoy a stable and secure retirement. To date, our company has processed over $1.5 billion in loans. Our team of reverse mortgage professionals will assist and guide you through every step of the loan process and provide the necessary information to help you make an intelligent decision.
300 Pacific Coast Highway, Suite 301
Huntington Beach, CA 92648
© 2017 CB Investments, Inc.
Interested in a reverse mortgage?
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