Access to Cash Through Home Equity
With a reverse mortgage, you get access to home equity without selling your home. These funds can offer extra money during retirement to pay off debt, maintain your lifestyle and handle surprise expenses.
No Monthly Mortgage Payments
Like a reverse mortgage, a home equity loan borrows against your home’s equity. But with a home equity loan, you’ll make monthly mortgage payments, which cuts into how much you have left to spend. With a reverse mortgage, you don’t have to make monthly payments. The loan only needs to be repaid when you sell your house, move out or pass away, and it is typically paid for with the money from the sale of your home. You don’t have to pay off the loan balance or interest before then. Borrowers should compare both a forward mortgage, or home equity loan, and a reverse mortgage. The right option depends on the client’s personal situation.
Maintain Ownership of Your Home
You’re still the owner of your home after taking out a reverse mortgage. The lender doesn’t receive the title or the right to sell your house, so long as you keep up with the housing costs, including property taxes and homeowners insurance. The house remains yours until you move out or pass away. Even if you move out, you still have the option to pay off the loan to keep the property.
Flexible Payment Options
There are a range of different ways to borrow through a reverse mortgage, including taking lifetime payments, a lump sum or a line of credit. You may be able to switch to a different payment option during your loan, like converting your line of credit into guaranteed lifetime payments. If you borrow money from a line of credit, you can pay back the money and borrow again later.
With a reverse mortgage, people take their home equity and turn it into a flexible source of money. This gives the borrower more options during retirement. For example, when they need money, they can borrow through their line of credit rather than being forced to sell a stock that’s paying a nice dividend.
Social Security and Medicare UnAffected
When you receive money from a reverse mortgage, it counts as a loan, not as income. As a result, your Social Security and Medicare will not be affected.
Start your secured online application.
We've been helping customers afford the home of their dreams for many years and we love what we do. Option to close electronically from the safety of your home, anytime, anywhere.
818 US Highway 202/206
Bridgewater, New Jersey 08807-1704
Call us today: 800-327-0123
Golden Mortgage Corporation strives to ensure that its services are accessible to people with disabilities. Golden Mortgage Corporation has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Golden Mortgage Corporation makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows www.goldmortgage.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Golden Mortgage Corporation accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Golden Mortgage Corporation continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Golden Mortgage Corporation website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Golden Mortgage Corporation website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: email@example.com