In partnership with your credit union, Credit Union Mortgage Association (CUMA) brings a unique opportunity to our home-owning members age 62 and older: the reverse mortgage.
Once thought of as a last resort to make ends meet during retirement years, a reverse mortgage no longer carries such a stigma. In fact, a reverse mortgage can be considered a valuable component of a well-balanced retirement plan.
The opposite of a traditional mortgage, a reverse mortgage pays you money, by turning your home's equity into cash, a line of credit, monthly income, or some combination thereof. Funds are tax-free (tax-free in most circumstances, please check with your tax advisor) and provide a unique source of financial security to give you the freedom and peace of mind to fully enjoy your retirement years.
Use this source of funds for practically any purpose:
Most importantly, with a reverse mortgage, you stay in your home, retain full title, receive payments, and continue to control your property, including maintenance, taxes, and insurance premiums.
Whether you wish to eliminate financial barriers to independent living or improve your quality of life during retirement, a complimentary consultation with a CUMA Advisor can help you decide if a reverse mortgage is right for you and your family.
Advisors are available in all 50 states, and a CUMA Representative will be happy to arrange a personal meeting for you and a trusted family member so you can learn more.
Contact us by phone at 703-425-1204 ext. 128, or email to inquire or set up an appointment.
While it really doesn't matter why you need a new house, it does matter how you go about purchasing it. The first step is getting Pre-Approved. Take the worry out of financing and click here for all the details.
A Reverse Mortgage is a unique loan that allows homeowners age 62 years and older to convert part of the equity in their home into monthly income or cash without having to sell the home, give up title, or take on additional monthly mortgage payments. Click to learn more.