Reverse Mortgage Benefits

1. Supplement Your Income: Need to cover medical expenses, home repairs or everyday living costs? A reverse mortgage gives you extra cash flow.
2. Stay in Your Home: Instead of selling your home to access equity, a reverse mortgage lets you stay in your home and enjoy Lac La Belle.
3. No Monthly Payments: With a reverse mortgage, repayment is deferred until you move out, sell your home or pass away. You’re only responsible for property taxes, insurance and maintaining the home. Most reverse mortgages require repayment when the borrower sells the property or passes away.
4. Flexible Payout Options: Choose how you get your money—lump sum, monthly payments, line of credit or a combination.

Is a Reverse Mortgage for You?

Reverse mortgages aren’t for everyone, but they can be a great tool for those who:

• Age Requirement: You’re 62 or older.
• Primary Residence: The home is your primary residence.
• Home Equity: You have enough equity in your home to qualify.
• Ability to Maintain Property: You can pay property taxes, insurance and upkeep costs.
• More Than One Borrower: If there is more than one borrower, the borrowing amount is influenced by the age of the youngest borrower.

Lac La Belle Reverse Mortgage

Lac La Belle is a quiet community that many retirees call home. With its lake views, outdoor activities and small-town charm it’s the perfect place to retire. A reverse mortgage can help you age in place comfortably and make the most of your retirement in this beautiful location. When using a Home Equity Conversion Mortgage (HECM) to purchase a property, it's important to remember that borrowers must cover the difference between the HECM amount and the property's sales price plus any applicable closing costs.

Why Dennis Kahn?

With over 20 years in the mortgage business I specialize in helping retirees tap into the equity in their homes through reverse mortgages. I’ve worked with over 1,500 clients to make informed decisions about their financial futures. I provide personalized service to each client’s unique situation. My goal is to make sure you understand the reverse mortgage process and feel comfortable every step of the way. It is important to be aware of the rising loan balance, as the total amount owed can increase over time due to accruing interest and fees.

Reverse Mortgage FAQs

1. Will I lose my home? No, you keep your home as long as you meet the loan requirements.
2. How much equity can I get? It depends on your age, the value of your home and current interest rates.
3. Can I leave my home to my heirs? Yes, your heirs can inherit the home, but the reverse mortgage balance must be repaid either by selling the home or refinancing the loan.
4. How does the age of the youngest borrower affect the loan? The age of the youngest borrower is crucial in determining the amount available for withdrawal from a Home Equity Conversion Mortgage (HECM). It influences the calculation of the principal limit, thereby affecting the financial options for seniors looking to access their home equity.