The Team Montani Mortgage Process
Turn your home’s equity into a more comfortable retirement… no sale required!
When you picture a comfortable retirement, it most likely includes the familiarity of your home. If you need additional income to achieve your retirement goals, a reverse mortgage might be right for you.
A reverse mortgage converts the equity you’ve accumulated into cash — without having to relinquish ownership of your home.
Unlike a traditional mortgage, a reverse mortgage pays you — providing the necessary funds to enjoy your retirement in comfort and security.
Income for a worry-free retirement
By converting equity into income, a reverse mortgage allows you to turn the value of your home into cash — without having to move or to repay a loan every month. The amount of your reverse mortgage depends on factors like your age, your home’s value, and current interest rates.
Proceeds from your reverse mortgage can be used for nearly any purpose, including:
- Taxes or home repairs
- Healthcare expenses, including prescription medication or in-home care
- Paying off existing debt
- College education
- Travel or a vacation home
- A new car
Payments can be made however you choose — monthly, as a line of credit, in a lump sum, or in any combination of the above to best suit your needs.
See if you qualify for a reverse mortgage, reverse mortgage applicants must meet these three requirements:
- Everyone listed on your home’s deed is 62 or older
- The home is your primary residence
- Deed-holders have completed HUD-certified counseling prior to application
There are no income or credit qualifications, and no monthly mortgage payments are required as long as the reverse mortgage is outstanding. Your loan matures when the borrower no longer occupies the home as a primary residence — typically, when the home is sold, or if the owner moves or passes away.
To learn more, call Cardinal Financial Services at (732) 389-9898 to speak with a reverse mortgage specialist
Reverse mortgages at a glance:
- Age 62 or older
- Primary residence
- Completed HUD-certified counseling
- Retain ownership and occupancy
- Easy access to equity with tax-free equity release*
- Tax-deductible interest *
- Social Security or Medicare benefits not usually affected*
- You never owe more than the value of your home
- No out-of-pocket closing costs
- Lessen your home’s value for estate planning purposes
- Lender has no claim on your income or assets, other than the value of the property
* Consult your tax professional for specific advice and guidelines
Borrowers can have a variety of reasons for considering a reverse mortgage. Some are based on income needs, while others want to enhance their quality of life or simplify estate planning.
