Meet the Reverse Mortgage Guy Who Can Help You

I've worked with many homeowners who are looking to tap into their home's equity, and I've seen firsthand how a reverse mortgage can be a game-changer.

A reverse mortgage is a type of loan that allows homeowners to borrow money using the equity in their home as collateral, and it's typically available to those 62 and older.

With a reverse mortgage, you can choose how you'd like to receive your funds, whether it's a lump sum, monthly payments, or a line of credit.

I've helped clients use their reverse mortgage funds to pay off existing mortgages, cover living expenses, or even fund home repairs and renovations.

Take a look at this: How Much Equity Do You Need for a Reverse Mortgage

Ryan Golden is a Reverse Mortgage Specialist with Edge Home Finance, bringing nearly a decade of experience to the table.

He works as a broker, which gives him a competitive advantage in offering a wider range of options to his clients.

Ryan's mission is centered around advocacy, education, and integrity, driving his business model and guiding his approach to working with borrowers.

He believes in finding the best possible solution for every borrower and educating them throughout the process to ensure they feel confident from start to finish.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments. It allows seniors to receive payments from the bank, rather than making payments to the bank.

For many seniors, a reverse mortgage can be a game-changer, providing extra income to stay in their homes and meet their financial obligations. This can be especially helpful for those who are house-rich but cash-poor.

To qualify for most reverse mortgages, you must be at least 62 and live in your home. The proceeds of a reverse mortgage are generally tax-free, and many reverse mortgages have no income restrictions.

Single-purpose reverse mortgages generally have very low costs, but they are not available everywhere, and they only can be used for one purpose specified by the government or nonprofit lender. For example, you can use one to pay for home repairs or property taxes.

The number of reverse mortgages nationwide has tripled over the last five years, and popularity is skyrocketing. This is because reverse mortgages can be used for a variety of purposes, such as paying off an existing conventional mortgage or creating money for a down payment on a second home.

Check this out: Do You Make Payments on a Reverse Mortgage

There are three basic types of reverse mortgages, each with its own unique characteristics. Single-purpose reverse mortgages are offered by state and local government agencies and nonprofit organizations.

These loans generally have very low costs, but they're not available everywhere. They can only be used for one purpose specified by the government or nonprofit lender, such as paying for home repairs or property taxes.

Federally-insured reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs), are backed by the U.S. Department of Housing and Urban Development (HUD). Proprietary reverse mortgages are private loans backed by the companies that develop them.

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Reverse Mortgages have become a smart and safe way for seniors to be better financially prepared for the future - and live more comfortably.

Scott Underwood, a licensed Reverse Mortgage expert, has been serving homeowners in the South since 2007. He's dedicated to helping you leverage the power of your home equity to achieve greater financial independence.

You can use a Reverse Mortgage to payoff an existing mortgage or home equity loan, supplement your retirement income, reduce monthly expenses such as car payments or credit cards, establish a cash reserve for future needs, or even fund in-home care needs.

Some of the benefits of a Reverse Mortgage include:

If you're considering a Reverse Mortgage, Scott Underwood is a great resource to have. He'll personally guide you every step of the way and help you find the best product to fit your individual needs.

Single-purpose reverse mortgages have very low costs and are offered by some state and local government agencies and nonprofit organizations.

They can only be used for one purpose specified by the government or nonprofit lender, such as paying for home repairs, improvements, or property taxes.

You can qualify for these loans only if your income is low or moderate.

Federally-insured reverse mortgages, known as Home Equity Conversion Mortgages (HECMs), are backed by the U.S. Department of Housing and Urban Development (HUD).

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They are not limited to a specific purpose, but the costs can be higher compared to single-purpose reverse mortgages.

Proprietary reverse mortgages are private loans backed by the companies that develop them.

These loans can offer more flexibility in terms of use, but the costs and terms may be less favorable compared to federally-insured reverse mortgages.

Intriguing read: Quicken Loans Reverse Mortgage

A reverse mortgage can provide you with a steady stream of income in your retirement years. This can be a game-changer for many seniors who are struggling to make ends meet.

With a reverse mortgage, you can borrow money using the equity in your home, and you won't have to make any monthly payments. You can use the money to pay off debts, cover living expenses, or even fund home renovations.

One of the benefits of a reverse mortgage is that you can continue to live in your home for as long as you like, without worrying about making mortgage payments. This can be a huge relief for seniors who are on a fixed income.

Additional reading: Income Requirements for Reverse Mortgage

You can borrow up to 55-80% of your home's value, depending on your age and the type of reverse mortgage you choose. This can provide a significant influx of cash to help you cover expenses.

A reverse mortgage can be a great way to supplement your retirement income, but it's not without risks. You'll need to carefully consider the terms and conditions of the loan before making a decision.