Get in touch

555-555-5555

mymail@mailservice.com

logo

Reverse Mortgages in Wauwatosa, WI: What You Need To Know!

Admin • June 21, 2024

Reverse Mortgages in Wauwatosa, WI

A reverse mortgage is the most valuable addition to the retirement income of elderly Wauwatosa, WI, homeowners. This tool will help you unlock part of the equity in your home to provide a steady income without requiring you to move from your property. In this blog post, we will look at the expected benefits associated with a reverse mortgage in Wauwatosa, WI, what you need to qualify, and details most individuals misconstrue. Finally, we will review whether a reverse mortgage is the best solution and explore other alternatives in the Wauwatosa, WI, area.

A reverse mortgage form with glasses and a pocket watch on it
Apply Now

What Is A Reverse Mortgage?

A reverse mortgage is a type of loan available for senior homeowners, generally 62 years or older, that enables them to convert part of their home equity into cash. Unlike traditional mortgages, you do not need to make monthly payments back to the bank. Instead, the loan is repaid when the homeowner sells the house, moves out, or passes away. In Wauwatosa, WI, reverse mortgages can be a great resource to increase your retirement income.

A wooden house is sitting next to a sign that says reverse mortgage.

Advantages of a Reverse Mortgage in Wauwatosa

Some of the benefits associated with a reverse mortgage in Wauwatosa include:

Supplementing Income in Retirement: It supplements the extra income that is important for senior homeowners who urgently need money for daily living expenses or medication.


Stay in Your Home:

A Wauwatosa reverse mortgage allows you to continue living in your home while accessing its equity.


Tax-Free Funds:

The funds acquired from the reverse mortgage are not counted as income, freeing senior adults from having to pay income tax.


Flexible Disbursement Options:

The cash can be disbursed to you as a lump sum, monthly payments, a credit line, or typically a combination of these options.

A 20 dollar bill is laying on top of a piece of paper that says reverse mortgage.

Qualifying for a Reverse Mortgage in Wauwatosa

To be eligible for a reverse mortgage in Wauwatosa, one must meet the following criteria:



Age Requirement:

Must be at least 62 years old.


Home Ownership:

The home must be your primary residence.


Equity in Home:

Must have sufficient equity.


Financial Assessment:

Lenders will assess your capacity to maintain the home, including property taxes, insurance, and maintenance.

A piece of paper with the word reverse mortgage on it

Access Wauwatosa Home Equity with a Reverse Mortgage

Making a critical difference for senior homeowners in Wauwatosa, a reverse mortgage allows you to convert home equity into cash without selling your home, providing financial flexibility during retirement. Reverse mortgage lenders in Wauwatosa, WI, will guide you through the process and help you understand your alternatives.

Apply Now
A tablet with the words reverse mortgage written on it

Debunking these Reverse Mortgage Wauwatosa Myths

There are several common myths about reverse mortgages that need to be put to rest:


Loss of Ownership:

You do not lose your home; you still own it, and the title remains in your name or your estate's name.


High Fees and Costs:

There are fees related to reverse mortgages, but they are not higher than many other financial products.


Risk of Foreclosure:

Assuming you remain in good standing with the loan by paying your property taxes and insurance, you will not see an increased risk of foreclosure.

A chalkboard with the words reverse mortgage written on it

A reverse mortgage in Wauwatosa, WI, may be the perfect financial product for any senior citizen looking to supplement their retirement income. By understanding the benefits, eligibility, and common myths, you can make a calculated decision about whether this option is right for you. It's always best to consult with reverse mortgage lenders in Wauwatosa, WI, to explore your options and secure your financial future.

A keyboard with a button that says reverse mortgage
Apply Now
A man is standing next to an elderly man in a wheelchair.

Slinger, WI: Perfect for a reverse mortgage!

By Admin • December 13, 2024
If you’re a Slinger, WI homeowner 62 or older and looking for financial solutions for retirement or to manage expenses, a reverse mortgage might be the answer, allowing you to access your home's equity. At its simplest, a reverse mortgage allows you to tap into the equity in your home and stay in your home while providing a source of income or financial flexibility in retirement.
An elderly woman is knitting while sitting on a couch.

Lisbon, WI Reverse Mortgages: Your Path to Financial Freedom

By Admin • December 5, 2024
Thinking about retirement or looking to add to your financial security? A reverse mortgage might be the answer you’ve been looking for. For Lisbon, WI homeowners, a reverse mortgage allows you to tap into the equity in your home to achieve your financial goals – all while staying in the home you love. Let me, Dennis Kahn, reverse mortgage expert, show you what this means and how it works for you.
More Posts
Share by: