SEARCH RENTALS NEW DEVELOPMENTS COMMUNITIES ASSISTED LIVING RESOURCES AGENTS ABOUT US CONTACT US
Resources - Reverse Mortgage
877.564.1140

Are You House-rich, Cash-poor?

Even with the recent challenges in the real estate market, some who have held on to a home for many years still find themselves with substantial equity, yet may feel house-rich and cash-poor. Those over the age of 62 often find balancing the costs of home maintenance, medical expenses and funding hobbies and vacations challenging.

You Can Convert Home Equity Into Cash

One option in tackling such financial hurdles is by taking out a reverse mortgage. A reverse mortgage is a vehicle that allows you to convert your home equity into dollars. Reverse mortgage money can fund home upgrades, pay for in-home assistance or medical care, pay bills or just ease the anxiety associated with tight monthly budgets.

Reverse Mortgage Sizes Vary

The size of a reverse mortgage depends on individual financial circumstance. Usually the older the borrowers are and the more their property is worth, the larger the loan can be. Payouts can be made in a variety of ways, including as a lump sum or as monthly income.

Is a Reverse Mortgage Best For You?

Before taking out a reverse mortgage, it's important to understand all aspects of the loan product and whether it's appropriate for your circumstances.

Your expert team, including your SRES« designee, a certified public accountant, a lawyer and close family members, can help you to explore your options and determine whether a reverse mortgage is the financing option that best meets both your short- and long-term needs. For a financial resource and more information on reverse mortgages, contact an SRES« designee.

© Douglas Elliman Real Estate. All Rights Reserved.
Google Plus Business

All data is deemed reliable but is not guaranteed accurate by the MLS or Douglas Elliman. See Terms of Service for additional restrictions.
All information regarding a property for sale, rental or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer. The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Multiple Listing Service of Long Island, Inc. Real Estate listings held by brokerage firms other than Seniors on the Move are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. Information Copyright 2001, Multiple Listing Service of Long Island, Inc.

© 2020 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS ARE DEEMED RELIABLE, BUT SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. PHOTOS SHOWN MAY HAVE BEEN MANIPULATED. EQUAL HOUSING OPPORTUNITY