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What Is a Reverse Mortgage

A Reverse Mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a special loan available to homeowners aged 62 and older. It allows you to convert part of your home’s equity into cash without having to sell your home or make monthly mortgage payments.

HECM loans are federally insured and designed to help retirees access the wealth they’ve built in their homes, providing financial flexibility during retirement. Instead of you paying the lender, the lender pays you—through a lump sum, monthly payments, or a line of credit.

Key Features:

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Age Requirement

Available to homeowners aged 62 or older.

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No Monthly Mortgage Payments

Borrowers are not required to make monthly mortgage payments; the loan is repaid when the borrower sells the home, moves out permanently, or passes away.

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Homeownership Retention

Borrowers retain the title and ownership of their home.

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Flexible Disbursement Options

Funds can be received as a lump sum, monthly payments, a line of credit, or a combination of these methods.

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Loan Repayment Triggered by Specific Events

The loan becomes due when the borrower sells the home, permanently moves out, or passes away.

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Interest Accrual

Interest and fees accumulate over time, increasing the loan balance and potentially reducing home equity.

Who Is a Reverse Mortgage For?

  • Homeowners aged 62 or older
  • Retirees looking for supplemental income
  • Seniors wanting to eliminate monthly mortgage payments
  • Individuals who wish to age in place without selling their home

Pros of Reverse Mortgages

  • No monthly mortgage payments required
  • You retain ownership and can stay in your home
  • Funds can be used for any purpose
  • Multiple payout options: lump sum, line of credit, or monthly income
  • Federally insured loan program (HECM)

Why Consider a Reverse Mortgage?

A reverse mortgage can provide financial security and peace of mind in retirement. It’s a great option if you want to remain in your home while accessing your home equity to cover living expenses, healthcare costs, or simply enhance your quality of life.

Cons of Reverse Mortgages

  • Reduces home equity over time
  • Loan balance increases as interest accrues
  • Heirs may inherit less equity
  • Must maintain property taxes, insurance, and home condition
  • Not suitable for short-term housing needs

Is a Reverse Mortgage Right for You?

If you’re a homeowner over the age of 62 and looking to tap into your home’s equity to support your retirement lifestyle, a reverse mortgage could be a smart solution. At Chess Capital Partners, we make the process simple and transparent, helping you determine if this option fits your long-term financial goals.

Want to learn more? Contact our team for a personalized consultation or visit our Learning Hub for in-depth guides and success stories from clients like you.

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