by Peter Nastasi, Sierra Pacific Mortgage, NMLS ID 17073
Did you know that a reverse mortgage loan allows you to access a portion of the equity in your home while maintaining home ownership? My name is Peter Nastasi, I am a reverse mortgage expert and I would be happy to answer any questions you may have.
A reverse mortgage allows you to pay off your existing mortgage using the loan proceeds, leaving you free from monthly mortgage payments. You can also use the loan proceeds to pay for needed home repairs or upgrades, take a long-overdue vacation or even keep the funds in a nest-egg to give you peace of mind for any unplanned expenses that may come up. There are no restrictions on how you spend your proceeds.
Home Equity Conversion Mortgage reverse mortgages are insured by the Federal Housing Administration. The funds are tax-free as they are not considered income and typically will not affect eligibility for entitlement programs, such as Medicare and Social Security.
I’ve helped many seniors in Rhode Island pay off their existing mortgage and enjoy their retirement to the fullest. Call me today at 401-533-5390 to see how a reverse mortgage can give you the help you need to gain financial peace of mind and be free of monthly mortgage payments.
(1) You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements. (2) Consult your financial advisor and appropriate government agencies for any effect on taxes or government benefits. This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).