If you own your home and are 62 or older, a reverse mortgage could be the way to supplement your retirement income. A reverse mortgage is a safe plan that can give you greater financial security.

A reverse mortgage enables you to convert a portion of the equity in your home into cash. A reverse mortgage essentially pays you the equity that has been built up through home mortgage payments. Unlike a traditional home equity loan or second mortgage, a reverse mortgage requires no repayment until the home is no longer used as your principal residence.

You may receive the proceeds from a reverse mortgage in lump sum, fixed monthly payments, or a line of credit, or any combination of the three. The loan proceeds are tax-free and there are no restrictions on how you can use the money.

To find out if you might benefit from a reverse mortgage, ask yourself a few simple questions

1. Do I want to live in my home for as long as possible?
2. Is my mortgage fully paid or almost paid?
3. Do I have a substantial amount of equity in my home?
4. Could my family and I benefit from extra income each month?

If you answered yes to two or more of these questions, it's probably worth exploring the benefits of a reverse mortgage. Please contact us for an evaluation to see if a reverse mortgage is right for you.