A HECM Reverse Mortgage is a government insured program designed to help homeowners 62 and older access their home equity with a non-recourse easily obtainable loan tailored for seniors.
Any proceeds from a Reverse Mortgage must first pay off any existing mortgages or liens on the property. After these and any other mandatory obligations are paid there are no restrictions on how you may use the proceeds. You can use the money you receive from your reverse mortgage any way you would like, everything from travel to medical bills, to paying down expensive credit card debt or to remodeling your home. You certainly do not have to spend all your eligible proceeds. Maybe you would just like to pay off a mortgage, establish a credit line as an emergency reserve, or even create a monthly annuity like payment to supplement your retirement income. There are no limits to how you can use your proceeds.
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George Omilan and Jefferson Mortgage Group can help you Bridge the Path to a more Sound and Secure Retirement. Call today to learn more or click here to have someone contact you.
Full Service provided by Jefferson Mortgage Group LLC specializing in government insured HECM Reverse Mortgages for seniors. Your Reverse Mortgage Specialist in the states of Virginia, Maryland, DC and Pennsylvania.