A reverse mortgage can allow you to maintain ownership of your home without having to make monthly mortgage payments anymore.
Additional income from your home equity to help you pay for increased medical costs, cover unexpected bills, and finally afford to do the things you've always dreamed of.
Because the funds from a reverse mortgage are considered a loan and not income, the proceeds are tax-free.
A reverse mortgage is a loan that lets homeowners aged 62 or older transform their home equity into cash. Tailor-made for retired homeowners, reverse mortgages are perfect for those with limited retirement savings who need help with debts, medical expenses, or life's unexpected plot twists.
These materials are not from HUD or FHA and were not approved by HUD or a government agency. Borrowers must maintain the property and most current payments of property taxes, homeowner’s insurance, and HOA dues. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
Borrowers must maintain the property and most current payments of property taxes, homeowner’s insurance, and HOA dues.
At the end of the reverse loan term, some or all of the property's equity won't belong to the borrower who may need to sell or transfer the property to repay the proceeds of the reverse mortgage. Guild will add the applicable reverse mortgage origination fee, mortgage insurance premium, closing costs, or servicing fees to the balance of the loan which will grow, along with the interest, over time. Interest isn't tax deductible until all or part of the loan is repaid. Failing to pay property taxes, insurance, and maintenance might subject the property to a tax lien, foreclosure, or other encumbrance since the borrower retains the title.
Exploring the Financial Freedom: Dive Deep into the Mechanics and Benefits of Reverse Loans! 🚀
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A reverse mortgage is a type of loan that allows homeowners 62 and older to pull cash funds from their home equity!
This calculator is offered for illustrative and educational purposes only and it is not intended to replace a professional estimate. Calculator results do not reflect all loan types and are subject to individual program loan limits. All calculations and costs are estimates and therefore, Guild Mortgage (“Guild”) does not make any guarantee or warranty (express or implied) that all possible costs have been included. The assumptions made here and the output of the calculator do not constitute a loan offer or solicitation, or financial or legal advice. Please connect with a Guild loan professional for a formal estimate. Every effort is made to maintain accurate calculations; however, Guild assumes no liability to any third parties that rely on this information and is not responsible for the accuracy of rates, APRs or any other loan information factored in the calculations.
A retirement solution specifically designed for homeowners like you! The retirement of your dreams is just four simple steps away!
Counseling with a HUD-approved counselor so they can review your financial situation and explain the benefits and risks of a reverse mortgage.
Provide your lender with information about your age, the value of your home, and your remaining mortgage balance.
The lender will order an appraisal of your home to determine your maximum loan amount.
Once you’re approved, you’ll receive the proceeds of your loan, and you’ll be all set to start living the retirement of your dreams!
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
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A reverse mortgage is a loan that allows homeowners aged 62 and older to tap into their home equity without selling their home or taking on a monthly mortgage payment. Instead, the loan is paid back when the borrower dies, sells the home, or moves out permanently.
Reverse mortgages can provide homeowners with extra cash in retirement, help pay for home repairs, cover medical expenses, or pay for other needs. They also provide a way for seniors to remain in their homes and avoid selling or moving.
You don’t have to repay the reverse mortgage as long as you live in your home, but you’ll still be responsible for paying property taxes, insurance, and maintenance costs. When you die, sell the home, or move out permanently, the loan and any accumulated interest will be due.
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Getting approved for a VA loan begins with taking a look at your unique situation.
Getting approved for a VA loan begins with taking a look at your unique situation.