You worked hard to earn your retirement. But are you fully living your best life? With a reverse mortgage, you can increase your financial freedom and achieve more of your goals during your retirement years.
What is a Reverse Mortgage?
A reverse mortgage is a special lending product that is available exclusively to senior homeowners. With a reverse mortgage, you can borrow against the equity you have built in your home for a supplement to your income in the form of cash.
The Financial Flexibility You Need for a Comfortable Retirement
What can you do with a reverse mortgage? Just about anything you can imagine:
- Create an emergency fund.
- Pay off medical bills.
- Make a down payment on a vacation home.
- Renovate your home.
- Invest.
- Return to school or pay for a child or grandchild’s education.
- Buy a new vehicle.
- Pay for repairs on an existing vehicle.
- Pay off high-interest debts.
- Save the money for a rainy day.
- Go on the vacation you always dreamed about.
You are not restricted to the ideas above. You get to spend the reverse mortgage funds on anything you desire.
Do you know how much home you can afford?
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FREE Reverse Mortgage Rate QuoteBenefits of Reverse Mortgages in Illinois
There are quite a few features of reverse mortgages that make them uniquely advantageous to qualifying homeowners:
- You can spend the rest of your life in your home if you wish, even though you are borrowing against your equity. To stay in your home, you do need to make sure you stay current with all home maintenance payments, homeowner’s insurance payments, property taxes and mortgage payments.
- You have the full freedom to decide how you will use your reverse mortgage funds.
- You can receive the reverse mortgage funds as a lump sum, as installment payments, or as a line of credit.
- There may be no taxes on the supplement to your income you receive through a reverse mortgage (check with your tax professional).
- With the greater financial freedom, you can look forward to with a reverse mortgage, you may feel less stressed. Instead of worrying about finances, you can focus on what really matters.
- The loan does not come due until a maturity event. Examples include the sale of the home or the death of the last borrower.
Qualifying for an IL Reverse Mortgage
- At least one borrower must be age 62 or above to qualify for a reverse mortgage.
- You must be up to date on all of your home maintenance payments.
- You need to have sufficient equity to borrow against. This equity must be in your primary residence, not a second home or investment property.
- Your credit score, income and tax history must pass an assessment.
Apply for a Reverse Mortgage in Chicago or Beyond
MidAmerica Bancorp, Inc. can answer your questions about reverse mortgages and walk you through the application process step by step.
If you are ready to enhance your financial freedom in retirement, please give us a call today at (708) 237-4050 to schedule your free consultation. We work with senior homeowners throughout the states of Illinois, Indiana, Florida, Michigan, Tennessee or Wisconsin.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
FREE Reverse Mortgage Rate Quote