Is a Reverse Mortgage Right for You?

The Lowdown on Reverse Mortgage Loans...

Reverse mortgages allow homeowners to turn a portion of their home equity into accessible funds—providing greater financial flexibility and peace of mind. Designed for individuals 62 and older, these loans can help eliminate the need for monthly mortgage payments,* while also offering additional cash that can be used however the homeowner sees fit—whether it’s covering medical expenses, tackling home improvements, or simply enjoying retirement.

*Homeowners are still responsible for paying property taxes, insurance, and keeping up with home maintenance.

Is a Reverse Mortgage the Right Move for You?

Thinking about whether a reverse mortgage might make sense? Ask yourself the following:

• Would life feel easier if making a mortgage payment was optional instead of required?
• Could tapping into your home’s equity give you a financial cushion for unexpected costs—or just for peace of mind?
• Would eliminating your monthly mortgage payment help enhance your lifestyle?*
• Are you looking to set aside funds as a backup in case your income changes?
• Do you need a strategy to ensure you can cover insurance or long-term care premiums if your budget gets tighter?
• Would you be interested in delaying Social Security to increase your future benefits—but need a way to fill the gap in the meantime?
• Want to renovate your current home to better suit your needs and improve comfort?
• Curious about buying a new home without the burden of ongoing mortgage payments?
• Searching for solutions to manage or reduce high-interest debt?

If you answered “yes” to even one of these, it’s worth having a conversation with us about how a reverse mortgage could support your goals.

*Keep in mind—you’ll still need to stay current on property taxes, homeowners insurance, and home upkeep.

What is a HECM?

At NEO Home Loans, powered by Better, we offer the Home Equity Conversion Mortgage (HECM)—a type of reverse mortgage insured by the Federal Housing Administration (FHA). Because it’s federally backed, a HECM provides borrowers with added safeguards compared to other reverse mortgage options.

Using a HECM to Buy a Home? Yes, You Can!

A HECM isn’t just for staying put. You can actually use it to purchase a new primary residence. By combining the proceeds from selling your current home (or other funds) with a HECM, you can move into a new home—without taking on monthly mortgage payments.*

*As always, you’re still responsible for property taxes, insurance, HOA dues, and home maintenance.