Skip to main content
Reverse Mortgage Blog
blog image

Still paying off your mortgage in retirement

May 8, 2023

Still paying off your mortgage in retirement

?If you are close to retiring, having a large mortgage balance to pay off may be extending your working years. Worrying about paying off your mortgage in retirement without your traditional income can be extremely stressful.?

But the good news is that if you have a sufficient amount of equity in your home, you may be eligible for a reverse mortgage which would allow you to pay off your existing mortgage and have no monthly mortgage payments*.?

Contact Bill or Andrew today to put your hard work – and your money – to work for you!?

This material is not from HUD or FHA and has not been approved by HUD or any government agency.?

*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid.?

When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise, the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.? This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Must be primary residence, loan becomes due and payable upon last borrower leaves the home. To keep loan in good standing Borrowers must stay current on property taxes, insurance, maintenance, HOA dues if applicable. AZ BK0018295 | Wallick & Volk, Inc. NMLS #2973.


LeaderOne profile picture
Our blog provides information and education for homeowners and professionals We encourage comments, questions responses to our blog articles.
About my blog
Our blog provides information and education for homeowners and professionals We encourage comments, questions responses to our blog articles.