• Question
  • monthly income from reverse mortgage

    Asked by a 78 year old man from Whitestone, NY on 9/2/2013

    monthly income from reverse mortgage

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  • Categories: How Does it Work?, Reverse Mortgages

Answers

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  • Without knowing more about your situation, I can only offer a general answer.

    If you are interested in utilizing your home equity by taking a monthly draw down, the amount you qualify for will depend on a few things:

    * Your home value
    * The amount of debt currently secured by the home
    * The age of the youngest borrower

    Evaluating how to utilize your home equity in your retirement strategy shouldn't be too difficult. Options include selling the home, borrowing through a traditional Home Equity Line of Credit (HELOC), or exploring a Home Equity Conversion Mortgage (HECM aka Reverse Mortgage). Even if you choose to downsize, you can utilize a HECM for purchasing a new residence.

    I hope you find this helpful. You can find more information about the program here:
    http://www.newretirement.com/reverse-mortgages/right-for-you/who-qualifies-when-to-get-a-reverse-mortgage.aspx

    If you would like one of our experts to help you evaluate if a HECM draw down makes sense in your unique situation feel free to call us at 888-411-RETIRE (7384).

  • Login to rate this answer:   Answered on 9/4/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.