Reverse Mortgages: Unlock the Equity in Your Home & Maximize Your Retirement
Unlock the power of your home's equity with cash-out refinancing and second-lien home equity options from the Dowden Mortgage Group. This solution allows you to access funds for home improvements, debt consolidation, or other major expenses. Our team will work with you to assess your equity and identify a cash-out strategy that works best for your financial position. With the Dowden Mortgage Group, you can leverage your home as an asset to reach your financial goals.
What is a Reverse Mortgage and How Does it Work?
A reverse mortgage is a type of loan that enables homeowners to access their home equity without needing to make regular mortgage payments. Instead of paying the lender each month, the lender pays you. The loan is repaid when the homeowner sells the home, moves out, or passes away.
Step-by-Step Process
01
Eligibility Check
Must be 62 or older and own the home outright or have significant equity.
02
Loan Application & Counseling
Complete an application and consult with a HUD-approved counselor.
03
Home Appraisal
A professional appraisal determines your home’s value.
04
Loan Approval & Funding
Once approved, receive funds in a lump sum, monthly payments, or as a line of credit.
05
No Monthly Payments
Instead of making payments, interest accrues over time, and repayment occurs when the homeowner leaves the home.
The Benefits of a Reverse Mortgage
Free up monthly cash flow to ease financial burdens
Maximize your retirement while keeping the home you love
Receive tax-free proceeds without the obligation of monthly mortgage payments
Common Questions About Reverse Mortgages
How Can a Reverse Mortgage Help with Retirement?
A reverse mortgage allows seniors to remain in their homes while accessing additional income. Whether used for medical expenses, home modifications, or daily expenses, it can help seniors maintain financial independence.
What Happens to the Home After a Reverse Mortgage?
When the homeowner passes away or moves out permanently, the home is typically sold to repay the loan. If heirs wish to keep the home, they can repay the loan balance through other means.
Is a Reverse Mortgage Right for You?
A reverse mortgage is ideal for retirees looking to improve their financial security without selling their home. However, it’s important to consider your long-term financial goals, home equity, and family situation.
