The Reverse Mortgage Division
What is a Reverse Mortgage?
Simply stated, a reverse mortgage converts a part of the equity in your home into money. A calculation is done based on age, value and an interest rate to determine exactly how much is available – generally the older client the more money they get.
The money can be paid to you all at once, or at times and in amounts that you choose. The money you get, plus interest, must be repaid when you die, sell your home, or permanently move away.
The money can be used for any purpose; pay off an existing loan on your home, credit cards and medical bills, take a trip, buy a car, fund education, gift to a child, home improvements or repairs; there is no restriction, it's your money and its tax free!
You maintain title and control of your property, and you can sell and move at any time if you choose to do so. You cannot be forced from your home as long as you continue to keep it in good repair, pay taxes and pay insurance. And if you want the reverse mortgage to pay those items for you, usually it can be arranged.
All reverse mortgages are non-recourse loans which means you are guaranteed you will not leave a debt to your heirs or estate – no matter what!
A Reverse Mortgage isn't for everyone. If it's right for you, our Reverse Mortgage team is here to help you. Visit ulcreverse.com for more information.
