A Powerful Tool During The Pandemic Crisis

For many Americans, home equity is the single largest component of net worth. It can be a valuable contributor to retirement and financial well-being, especially during this pandemic and extraordinary time of monetary strain.

You can access home equity by downsizing, securing a reverse mortgage or getting a home equity loan. However, the economic conditions might make this a particularly interesting time for a reverse mortgage.

In good economic times and bad, the key advantages and benefits of reverse mortgages include:

  • Flexibility

    Use the money any way you want or need, although it is never recommended to use money from a reverse mortgage loan to fund investments.

  • Non-Recourse Loan

    With a Reverse Mortgage you will never owe more than your home’s value at the time the loan is repaid, even if the Reverse Mortgage lenders have paid you more money than the value of the home. This is a particularly useful advantage if you secure a Reverse Mortgage and then home prices decline.

  • Tax Free

    As a Reverse Mortgage is a loan, the money from it is typically tax-free, whether you receive it as fixed income or in a lump sum.

  • Federally Insured

    The Home Equity Conversion Mortgage (HECM) is the most widely available Reverse Mortgage. It is managed by the Department of Housing and Urban Affairs and is federally insured. This is important since even if your Reverse Mortgage lender defaults, you will still receive your payments.

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