Reverse Mortgages - Tap into your Home Equity

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Author: Timmy Hawk

The times are tough. Money is hard to come by, especially so during the years after retirement. To continue living a comfortable life, it would be better to somehow gain an additional line of income. That way would be to tap your existing home equity and get money out of it.
Home-owning American seniors aged 62 or above have been able to use HECM reverse mortgages as a way of supplementing their retirement and social security incomes.

Recently the ceiling of money that can be obtained via a reverse mortgage has also been revised upwards by law.
The older the home owner is, the greater is the amount of eligible reverse mortgage loan that can be taken from one of the many numbers of banks and reverse mortgage lenders in the business. The money derived from a reverse mortgage is also tax-free. The money can be withdrawn in the form of one lump-sum payment, or can be utilized as a line of credit to be drawn when needed. Most seniors opt to receive the money as a series of fixed monthly payments from the lender.
The money so obtained does not need to be repaid during the life time of the home owner. But if the home owner is going to be away from the home for an extended period of time, or is moving out, then the money becomes payable to the lender. The heirs of the borrower can choose to keep the home by repaying principal plus interest. If not, the lender auctions or takes over the property to recover the loan amount.
The reverse mortgage income can be solid and helpful during the tough financial times following retirement. It can be used for maintaining a reasonable lifestyle, for home improvements, remodeling, medical expenses, travel and vacation and so on.
Even when there is an existing mortgage on the property, reverse mortgage money can be used to not only pay off the existing mortgage, but the remainder can be used as a monthly income source as well.
Thus reverse mortgages are seen as an additional source of post-retirement income, by tapping untapped home equity.
About the Author

Timmy Hawk has been helping seniors attain reverse mortgages for many years. He continues to help supply the industry with up to date reverse mortgage information. Due to Timmy's great work many seniors are able to live peacefully in their home and continue to lead a comfortable lifestyle.