Reverse Mortgages
Reverse Mortgage Specialist in Chicago
Educational guidance to help eligible homeowners and their families understand whether a reverse mortgage may fit their long-term plans.
A reverse mortgage can be a useful financial tool for the right borrower, but it is not right for everyone. Bruce provides careful, educational guidance to help you make an informed decision.
Important Information
Reverse mortgages involve eligibility requirements, costs, and borrower responsibilities. Borrowers must continue to pay property taxes, insurance, and maintain the home. Counseling from an approved HUD counselor is required. This information is educational only and is not a commitment to lend.
What Is a Reverse Mortgage?
A reverse mortgage is a loan for eligible homeowners age 62 and older that allows you to access a portion of your home equity without making monthly mortgage payments. You remain the owner of your home and retain title to the property.
Who May Be Eligible
To qualify, you typically must be at least 62 years old, live in the home as your primary residence, have sufficient equity, and complete a counseling session with an approved HUD counselor. Eligibility depends on individual circumstances and program guidelines.
How Home Equity May Be Accessed
Depending on the program, funds may be received as a lump sum, monthly payments, a line of credit, or a combination. The amount available depends on factors including your age, home value, and equity.
Common Uses of Proceeds
Borrowers may use proceeds for a variety of purposes, such as supplementing retirement income, covering healthcare expenses, making home improvements, or paying off existing debt. How you use the funds is your decision.
Borrower Responsibilities
With a reverse mortgage, you remain responsible for paying property taxes, homeowners insurance, and maintaining the home in good condition. Failure to meet these obligations may result in the loan becoming due.
Costs and Important Considerations
Reverse mortgages involve costs including origination fees, closing costs, and insurance premiums. Interest accrues on the loan balance over time. The loan becomes due when the home is sold, the borrower moves out, or the last eligible borrower passes away.
The Role of Required Counseling
Before obtaining a reverse mortgage, borrowers must complete counseling with an approved HUD counselor. This session helps ensure you understand the program, your responsibilities, and alternatives that may be available.
Questions to Discuss with Family and Financial Professionals
A reverse mortgage is a significant financial decision. Bruce encourages clients to discuss the option with family members, financial advisors, and estate planning professionals to determine whether it aligns with their long-term plans.
How Bruce Guides Clients Through the Decision
Bruce takes an educational, no-pressure approach. He helps you understand how a reverse mortgage works, what to expect, and whether it may be appropriate for your situation. He is available to answer questions from you and your family.
Reverse Mortgage Questions
Do I still own my home with a reverse mortgage?
Yes. With a reverse mortgage, you retain ownership and title to your home. You must continue to pay property taxes, insurance, and maintain the property. The loan becomes due when the home is sold, you permanently move out, or the last eligible borrower passes away.
Is a reverse mortgage free money?
No. A reverse mortgage is a loan. The funds you access are borrowed against your home equity, and interest accrues on the outstanding balance. The loan must eventually be repaid, typically when the home is sold or the borrower no longer lives in the home.
Who may qualify for a reverse mortgage?
Eligibility generally requires being at least 62 years old, living in the home as your primary residence, having sufficient equity, and completing required HUD counseling. Bruce can help you understand whether you may qualify.
This information is provided for educational purposes only and is not a commitment to lend. Reverse mortgage eligibility, costs, and terms vary based on borrower qualifications and applicable program guidelines. Borrower must occupy the home as a primary residence and remain current on property taxes, insurance, and maintenance.
Have Questions About Reverse Mortgages?
Bruce is available to answer questions from you and your family. Start with a no-pressure conversation.