(NewsUSA)
When people want access to money from the equity in their home, they often turn to a Home Equity Line of Credit (HELOC). But homeowners who are 62 and older may have another option — the reverse mortgage line of credit. Similar to the HELOC, a reverse mortgage line of credit’s value is based on the equity in your home, and you can access the money whenever you need it.
Unlike a HELOC, the available funds in a reverse mortgage line of credit can be a big benefit for many people, because whether they ever use it or not, the reverse mortgage line of credit grows in value. This can be a great safety net that can cover future expenses for financially savvy clients. Another way people use the reverse mortgage line of credit is by receiving monthly distributions to live on while they defer the use of their retirement assets. This, in turn, may allow those assets more time to grow.
The reverse mortgage line of credit is widely used due to its many features. Some financial advisors are recommending that the reverse mortgage line of credit be used as a financial tool in retirement planning. But the line of credit is just one way to receive your proceeds from your reverse mortgage. You have other options, too. One of the best features of all reverse mortgage products is that you are not required to pay monthly mortgage payments; however, you are still responsible for paying homeowners insurance, property taxes, and home maintenance costs.
To receive more information, request a free guide from One Reverse Mortgage by visiting www.onereversemortgage.com/nu/ or call (888)779-8011 to speak to a licensed specialist. The licensed specialists at One Reverse Mortgage are trained to answer any questions you may have and get you started with a reverse mortgage product.
Equal Housing Lender. Listed in all 50 states. One Reverse Mortgage NMLS #2052
These materials are not from HUD or FHA and were not approved by HUD or a government agency.