A reverse mortgage is a type of loan that allows senior homeowners to access the equity in their home without having to sell it. This type of loan is designed for homeowners who are 62 years of age or older and have built up a significant amount of equity in their home. Here are some of the benefits of a reverse mortgage:

1. No monthly mortgage payments: One of the biggest benefits of a reverse mortgage is that there are no monthly mortgage payments required. This means that homeowners can use the money they receive from their reverse mortgage to cover their living expenses, such as healthcare costs, without having to worry about making monthly mortgage payments.  A homeowner does need to continue to make their property tax payment, as well as home insurance, homeowner’s association dues and any maintenance and upkeep.
    
2. Access to tax-free funds: The money that homeowners receive from their reverse mortgage is tax-free, which means that they can use it to pay for their living expenses without having to worry about paying taxes on the money.
    
3. No impact on Social Security or Medicare: A reverse mortgage does not impact a homeowner's Social Security or Medicare benefits, which means that they can continue to receive these benefits even after taking out a reverse mortgage.
    
4. No obligation to repay the loan until the home is sold: Homeowners are not required to repay the loan until the home is sold or the homeowner moves out of the home permanently. This means that homeowners can use the money from their reverse mortgage to cover their living expenses for as long as they live in their home.
    
5. No requirement to repay the loan if the homeowner dies: If the homeowner dies, the loan does not have to be repaid as long as the home is sold or the homeowner's heirs agree to repay the loan.
    
6. Can improve cash flow: By using the equity in their home to pay for living expenses, senior homeowners can improve their cash flow and make their retirement years more comfortable.
    
7. Can increase financial security: A reverse mortgage can also provide homeowners with a sense of financial security by providing them with a source of income that they can use to cover their living expenses.
    
8. No credit or income requirements: There are no credit or income requirements for a reverse mortgage, which means that homeowners of all financial backgrounds can take advantage of this type of loan.
    
9. Can be used for any purpose: The money from a reverse mortgage can be used for any purpose, including home repairs or renovations, healthcare expenses, and travel.

In conclusion, a reverse mortgage can provide senior homeowners with a number of benefits, including no monthly mortgage payments, access to tax-free funds, no impact on Social Security or Medicare, no obligation to repay the loan until the home is sold, no requirement to repay the loan if the homeowner dies, can improve cash flow, can increase financial security, no credit or income requirements, and the cash can be used for almost anything.  Call 1st Choice Mortgage today and let's sit down and see if a Reverse Mortgage in right for you.

A Cash-Out refinance may be able to help you with Financial Needs!

Use your home equity to your advantage!  Get the equity out of your home today to use for anything you want:

• Home Repairs
• Vacation of a Lifetime
• Security of Savings
• Paying off other bills, high interest credit cards
• Buy a vacation home

Homeowners over the age of 62 can access the equity in their home.  The simple process is made easy with 1st Choice Mortgage Reverse Mortgage Specialist.

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Reverse Mortgage Refinance can help borrowers, 62 and older, become more finanically solid by eliminating monthly mortgage payments.

Wouldn't it be great to not have to worry about monthly mortgage payments?  And utilize that money each month to:

•    Enjoy Life.
•    Take well deserved vacation.
•    Pay off additional bills, like high interest credit cards.
•    Have a more confortable lifestyle.

A Reverse Mortgage Refinance can eliminate your monthly Princial and Interest payment by taking advantage of the equity already in your home.

And best of all, you will continue to live in the home as long as you want as your primary residence.

Now of course you will still have to pay taxes and insurance on the home, but just think how much you will save each month by not paying a mortgage payment.  Call a 1st Choice Mortgage Reverse Loan Specialist TODAY!

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Buying a home with a Reverse Mortgage has never been easier, just think getting into a new home and not having to worry about a mortgage payment, ever!

Reverse Mortgage Purchase is for adults, over the age of 62, who want to:

• Have no monthly mortgage payment.
• Move into a single level or aging-in-place design.
• Move to a warmer climate.
• Move close to children and grand-children.
• Move to a more affordable state, like Idaho.

Of course you still have to pay property taxes and home insurance, sorry can't do anything about that, but by having a Reverse Mortgage you relieve yourself of a monthly payment.

And did we mention that you won't have a mortgage payment, forever, as long as you live in the home as your primary residence!

Call a 1st Choice Mortgage Reverse Mortgage Specialist today, and find out how easy it is.

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