empowering retirement with home equity
Empower your retirement with the strategic utilization of a reverse mortgage. This financial tool allows homeowners to leverage their home equity, providing a reliable source of tax-free income during their golden years. By unlocking the value of your home, a reverse mortgage enables you to enhance your financial security, cover essential expenses, and maintain a comfortable lifestyle. With the flexibility to receive funds as a lump sum, monthly payments, or a line of credit, you gain control over your financial future.
Navigate retirement with confidence, knowing that a reverse mortgage can be a powerful instrument to support your needs and aspirations, allowing you to savor the fruits of your hard-earned homeownership.
At Rosa Financial Group, we are your resource for all types of reverse mortgages. We tailor our service to the unique needs of our clients. As a broker specializing in Reverse Mortages, we have access to and are experts in every type of Reverse Mortgage. If you are 55 or older and would like access to your home equity as cash or a line of credit, a Reverse Mortgage may be your solution.
No monthly mortgage payments - for life!
Buying or refinancing a home with a reverse mortgage offers a unique financial approach for older homeowners. Eligible individuals can use this loan to refinance their current home or even finance a new home - with no monthly mortgage payments. This allows them to access home equity, downsize, relocate, or move into a more suitable property without the burden of a traditional monthly mortgage payment. Refinancing with a reverse mortgage provides benefits like accessing additional funds, eliminating monthly mortgage payments, and increasing financial flexibility. Both options offer opportunities for seniors to enhance their living situations and better manage their finances during retirement, providing a distinctive pathway for homeowners to leverage their home equity.
Our mission is to debunk the myths surrounding Reverse Mortgages. These financial tools were designed to empower people aged 55 or older to access home equity without relinquishing homeownership or make monthly mortgage payments. Whether you are considering refinancing, purchasing a new home or accccessing equity through a reverse mortgage, we are well versed in every aspect of reverse mortages.
reverse mortgage types
There are many different types of reverse mortgages; some with adjustable rates, some with fixed rates, some FHA-insured, and some not.
We are a brokerage which allows us access to the various reverse mortgage programs- there isn’t a reverse mortgage that we can’t offer.
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the FHA. An alternative option is a proprietary reverse mortgage, which is not insured by the federal government and therefore is not a HECM loan.
Understanding HECM Reverse Mortgages
A Home Equity Conversion Mortgage (HECM) is an FHA insured loan available to seniors aged 62+ that requires no monthly mortgage payments. The HECM reverse mortgage pays off any current mortgage they may have, freeing up the cash they had needed previously to make their monthly mortgage payment and allowing for more discretionary income.HECM reverse mortgages were created to give seniors aged 62+ access to funds to stretch their retirement savings and provide additional financial security.
Unlike traditional home mortgage loans, a reverse mortgage provides homeowners with payouts from their equity as a loan in the form of a lump sum, fixed monthly payments, a line of credit, or a combination of the three. The loan is due and payable using the proceeds of the sale of the home or the proceeds from a refinance when the last borrower or eligible non-borrowing spouse moves out of the house or passes away.