Reverse MortgagesIf you are a senior, 62 years of age or older, and have equity in your home, a reverse mortgage can turn that equity into cash, a line of credit, monthly income or a combination of all three. Unlike a traditional mortgage, you make no monthly mortgage payments and the proceeds are tax-free (consult your financial advisor for your specific financial situation). There is no income, credit or asset qualification and best of all, you retain ownership of your home and can live there as long as you choose.
Knowing the benefits of a reverse mortgage is just one part of the overall financial picture. Remember, one size dos not fit all. In addition to consulting with a reverse mortgage specialist, it is important to consult with accountants, financial planners and your children to better understand your unique situation and plan accordingly. The reverse mortgage specialist should also be an expert in traditional mortgages and other senior-related issues.
Primary Residential Mortgage, Inc. (PRMI) has a reverse mortgage specialist who has helped hundreds of Hawaii seniors. For a complimentary and no obligation consultation, contact us by completing the form below to discuss your unique situation.
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