![]() ![]() ![]() is a wholly-owned subsidiary of JPMorgan Chase & Co. Some borrowers do not necessarily need to access the equity in their homes, but they take out a reverse mortgage to extend the reach of their budget in order to enhance their lifestyle.“Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A. These benefits allow seniors to remain in their home and age in place. Satisfy Cash NeedsĪ reverse mortgage can be utilized to fund home improvements, pay for long-term care planning, and other living expenses. ![]() With a reverse mortgage loan, you can stay in your home and benefit from its appreciation without having to move into a smaller property. Home equity has hit all-time highs recently. You can use the funds from your reverse mortgage loan to cover expenses instead of selling investments in down markets. Reverse mortgage loans can provide a hedge against market downturns. ![]() They still may be working, and many are very well off financially, but they realize the potential strategic planning advantages of using home equity, and consequently reverse mortgages, as part of their retirement plan. Now more than ever, reverse mortgage borrowers are strategically using their home equity at the earliest age possible to potentially increase their odds of a better retirement outcome. When Does a Reverse Mortgage Make Sense? Financial Planning After 12 months, you may access your additional funds. With the other loan payment options (line of credit and monthly advances), this limitation is for the first year only. If you choose to go with the one-time lump sum disbursement at closing option to receive your loan proceeds, you are limited to 60 percent of the principal limit (the total amount of proceeds available to you as a HECM reverse mortgage borrower). Use our free reverse mortgage calculator to determine how much equity you may qualify for. With a HECM, the percentage of your home’s equity you can borrow depends on your age, the interest rate you get on your loan, and the value of your home up to the HECM limit (currently $1,089,300). How Much Money Do You Get on a Reverse Mortgage?
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