Interest accrues on what you are using but you are not required to make monthly payments. This gives you room to breath each month.
It is a common misconception that a reverse mortgage is equal to selling the home. You still own the home and can sell anytime you wish.
There are no tax penalties for accessing your homes equity. These are not funds that would qualify as income.
While a home is most often the biggest nest egg people have, using the equity allows you to not tap into your investments and keep benefitting from the continued appreciation of your home.
It all depends on your unique situation. A quick analysis of where you are can let you see if it makes sense for you.
Qualifying for a mortgage is as unique as you are.
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Residential Mortgage Loan Originator
NMLS #1584670
AZMB #0944059
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL Residential Residential Residential Mortgage Loan Originator SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT
WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL Residential Residential Residential Mortgage Loan OriginatorS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT
WWW.SML.TEXAS.GOV.