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Consider a Reverse Mortgage For Your Next Home Purchase

As you consider what to do with your retirement years, have you thought about how you plan to finance your next home in CA, CO, or NV? If you’re over the age of 62 or approaching that age in the next couple of years, you should think about applying for a Reverse Mortgage instead of a typical 30 or 15-year fixed-rate mortgage. No more worrying about inflexible loans — go out in nature, take hikes with your family and four-legged friends and enjoy your retirement years in your new home. 


Want to know more about how to qualify and why they’re the perfect option for you? Take a look at why we offer reverse mortgages to our clients below.

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Reverse Mortgages are loans with flexible repayment terms.

Buyers who use reverse mortgages can borrow against the equity they’ve built in their homes. So, if you’re no longer making money from a 9-5 job, you could qualify for a home equity loan to bring some liquidity into your life. Typically home equity loans require you to start making payments immediately, but with reverse mortgages, you don’t repay anything until you’ve moved out of your home, sold your home, or passed away. 


Reverse mortgages are a type of FHA loan backed federally, giving homeowners greater peace of mind and a sense of financial security. When an owner moves or passes away, the reverse mortgage funds go to the lender. Then, the remaining amount is distributed to the still-living owner or their beneficiaries. 

Reverse Mortgages can give you incredible financial freedom and reduce the burden on your bank account.

While these loans are used to help you build equity in a home with reduced financial outlay, you can use reverse mortgages to cover some basic housing and living expenses, as well! Eligible expenses covered by reverse mortgages include food, utilities, minor travel, and more. By being able to borrow against your equity, you always have the option to pull cash out of your investment with ease.

Reverse Mortgages are fantastic for those that need money but don’t have great credit to qualify for typical fixed-rate loans.

For most buyers that have a solid foundation for home loan approval — credit score, income, DTI, and other documentation — the process can be pretty seamless. However, if you have a shaky credit history for whatever reason, getting approved can be a real challenge for many potential home buyers. Most buyers with poor credit can find somewhere they get approved, but very few can do so while also securing favorable terms. If you fall into this category and meet the other criteria (age, etc.), reverse mortgages ignore credit scores and consider other things instead. 

Not sure if a Reverse Mortgage is the correct answer for your home buying questions? That’s what we’re here for! Don’t hesitate to reach out to Maggie and the team today or get your loan application started here. We’re excited to guide you through your Reverse Mortgage application process for your new home here in Lake Tahoe — or in surrounding areas in CA, NV, or CO. 

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