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Reverse Mortgage

A unique loan for homeowners age 62 and up that converts home equity into cash

Mortgages

Squeeze can help determine if a reverse mortgage is right for you.

How does a reverse mortgage work?

When you get a mortgage, you pay your lender each month until you own the home. With a reverse mortgage, you get a loan and the lender pays you each month. You may also have the option to take the loan as a lump-sum. How does this work?

If you have equity built up in your home, the lender takes that and converts it into cash that you receive in regular payments. A reverse mortgage is only available to homeowners who are 62 years or older.

How much money can I borrow?

The amount of money you can borrow with a reverse mortgage loan depends on a few factors. The main ones being age, interest rate, your home’s value and the amount of equity you have.

Typically, older borrowers with more equity in their home and low interest rate eligibility will be able to borrow higher amounts of cash.

In addition, how you choose to receive your loan money (lump sum, line of credit, monthly payments) can factor in how much you receive.

What are the borrower requirements?

  • Be 62 years of age or older
  • Own the home outright or have a low mortgage balance
  • Use the home as your primary residence
  • Must not be delinquent on any federal debts such as federal income taxes or a federal student loan
  • Have financial resources to make timely payments of household-related expenses such as property taxes, HOA fees and insurance.

What can I use a reverse mortgage for?

  • Consolidate debt
  • Home improvement projects
  • Major home repairs
  • Establish or grow an emergency fund
  • Pay for in-home or long-term care
  • Purchase a car or second home

Get Started With Squeeze Mortgage Today

No credit check or Social Security Number required to get prequalified today!

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“Excellent experience refinancing with Squeeze. Team is extremely professional, organized and prompt in responding to inquiries. Transaction process including approval was smooth and transparent. Kudos to Shirley who is very talented and knows well the business. Thank you for making the process flow so smoothly.”

“I had a great experience with Squeeze Mortgage. The communication was open, direct, precise and responsive during the whole process. The team is very amicable, and in approx 20 days I concluded the refinancing of my home saving some $$ at the end of every month.”

“This is a review for staging that selects multiple products”

“Wow, I really didn’t think it would offer me better deals. But to my surprise I’ve gotten much better deals on my insurance on home and auto. Very much satisfied with what was offered. I did refer some friends whose looking for the same results, which I’m sure they will. Thanks again for your service a really satisfied customer. Yes! I recommend them.”

“Wow, I really didn’t think it would offer me better deals. But to my surprise I’ve gotten much better deals on my insurance on home and auto.”

“I was referred through a friend and from the moment I called Shirley she helped me from the moment I contacted her. The process was done in less than a month. The most responsive professional and quick mortgage company I have ever worked with. Highly recommend Shirley and her team.”

Pros and cons of a reverse mortgage
Pros and cons of a reverse mortgage

Pros and cons of a reverse mortgage

A reverse mortgage is not for everyone, and there are pros and cons to think about with this mortgage product.

Pros

The additional cash you receive from a reverse mortgage can help supplement your existing retirement income. You can use the money to reach financial goals such as paying off credit card debt or purchasing a second home. The money can also be used to satisfy home needs such as renovating your home to improve accessibility as you get older.

Another benefit of a reverse mortgage is that the loan balance doesn’t come due until the borrower moves out of the home, passes away, fails to pay taxes or insurance, or neglects to maintain the home.

Cons

Call us at 877-377-8339 to speak with one of our mortgage loan originators, or create your free Squeeze account to get started online and find even more savings!

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