The Truth About Reverse Mortgages

Many homeowners believe that a reverse mortgage means giving up ownership of their home or leaving debt for their heirs. However, the reality is often different.

Here are a few key facts:

✅ You remain the owner of your home and can sell it at any time.
✅ Your heirs will never owe more than the home’s value when the loan becomes due.
✅ You do not need to have an existing mortgage to qualify.
✅ Funds can be used for virtually any purpose, including healthcare expenses, home improvements, daily living expenses, or paying off higher-interest debt.
✅ There are no required monthly mortgage payments. The loan is typically repaid when you move out of the home, sell the property, or pass away.
✅ Reverse mortgages can be a strategic tool to improve retirement cash flow.
✅ They can even be used to purchase a new home.

As with any financial product, reverse mortgages aren’t right for everyone. Borrowers must continue to live in the home as their primary residence, maintain the property, and stay current on taxes and insurance.

If you’re 62+ (55 in CA) and want to explore whether a reverse mortgage fits your retirement goals, I’d be happy to answer your questions.  Also, if you would like to apply for a reverse or review options, please go here.  Feel free to contact me as well.

Rob McCarthy
Senior Mortgage Advisor
https://www.101loan.com
650-465-8957 c  rob@101loan.com
CA DRE #01165697 NMLS #121019
101 Loan – 99 South Almaden Blvd, # 600. San Jose, CA 95113

Products/Services/Accolades:

* Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
* Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
* Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
* Construction Financing and Private Money, also know as Hard Money
* Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google & Linkedin.
* Over 30 years of lending experience with over $2b in closed loan volume.