What is a Reverse Mortgage?

A Home Equity Conversion Mortgage (HECM) is a reverse mortgage insured by the Federal Housing Administration (FHA) that can be used to enhance seniors’ quality of life. Here are just a handful of reasons you may consider a reverse mortgage:

1.     Refinance a traditional mortgage into a “payment optional” reverse mortgage credit line. 2.     Helps seniors who are financially sound, have paid off their mortgage, and would like additional money to enhance their retirement or quality of life. 3.     Standby portfolio protection by drawing from or replenishing a reverse mortgage credit line in up and down markets*. 4.     Purchase a retirement home, investment property, upsize or downsize with a reverse mortgage for a purchase to increase monthly cash flow and free up funds for investment. 5.     Protect home equity from nursing home expenses for the next generation. 6.     Grow and increase cash availability with a reverse mortgage credit line. 7.     Bridge the Medicare gap from age 62 to 65. 8.     Delay Social Security payments until later in retirement to increase monthly income. 9.     Use increased cash flow to purchase insurance products that may be used to pass a larger nest egg to the next generation.* 10.   A loan that may allow you to receive tax deductions* when needed, or if you want to withdraw less from IRAs and other taxable sources. *The information in this advertisement does not constitute tax advice or financial planning advice. Please consult a tax adviser for tax advice and a financial planner regarding enhancements to retirement plans. Information Provided by: Todd Jarvis, Loan Officer NMLS ID# 1579041 State Lic. MLO-32739VA Direct 703-371-1469 todd.jarvis@fairwaymc.com