How Mitchell Schwartz Helps
Mitchell provides education to clients and referrals to an experienced mortgage professional who specializes in helping seniors. As a Certified Senior Advisor (CSA®), he believes every client should understand all available options before making a financial decision.
Frequently Asked Questions
Who qualifies for a reverse mortgage?Generally, homeowners who are 62 years of age or older. There are a few other qualifying criteria such as a n average credit score. What’s cool is that there might not be an income requirement.
Do I still own my home?
Yes, provided you continue meeting the loan requirements such as occupying the house as your primary residence.
Is a reverse mortgage right for everyone?
No, but you’d be surprised as to what you could do with the extra income or a lump sum. Mitchell encourages clients to review all options with qualified professionals.
Home Equity Conversion Mortgage
Schedule a No Obligation Conversation
Whether you're planning to sell now or simply exploring your options, schedule a quick call or send Mitchell an email to discuss your goals.
Understanding This Mortgage Option
This type of mortgage allows homeowners aged 62 and older to convert a portion of their existing home's equity into cash or monthly income while continuing to live in the home. It can be used to supplement retirement income, pay for healthcare expenses, or improve financial flexibility.
In addition, they can be used for a purchase whereby a buyer places a down payment on a house as they normally would and obtains a loan without payments for as long the the homeowner lives in the home.
This type of mortgage is not right for everyone, which is why education is so important before making a decision.
What Is a Home Equity Conversion Mortgage?
Why Is It Important for Seniors and Families?
Many retirees have significant equity in their homes but limited monthly income. Understanding how a reverse mortgage works can help seniors and families evaluate whether it fits their long-term financial goals.