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06 Nov Reverse Mortgages Help Seniors Move Forward

Unlike traditional or “forward” mortgages where a borrower finances a home and pays back the lender on a monthly basis, a Reverse Mortgage
provides the borrower monthly payments from the lender based on the equity in their home. If you have an older relative or friend living on a
fixed income who is struggling financially or is facing increased expenses, a Reverse Mortgage may be the best solution.

Paramount Mortgage Company’s dedicated Reverse Mortgage Team is led by 15-year veteran Bob Lane. “Reverse Mortgages are a great tool
for homeowners 62 or older who want to convert the equity in their home to income tax-free cash,” according to Bob. “This is not the right option for everyone, but for those who can benefit from a Reverse Mortgage, it may really change the way they live.”

Live Off Of Your House While You Live In It!

  • Supplemental Retirement Income
  • Home Maintenance and Repair
  • Cover Medical/Hospital Bills
  • Pay for Home Health Care
  • Modify Home for Accessibility/Special Needs
  • Fund Travel or Make Large Purchases
  • Pay Off any Existing Mortgage(s)
  • Pay for Long-Term Care Insurance

Non-Recourse Loan
There is no risk of leaving heirs with debt beyond the value of the home. Reverse Mortgages, by definition, are non-recourse loans. This means neither borrowers nor their heirs will ever owe more than the house is worth. A Reverse Mortgage can give seniors the option to stay in their home and remain financially independent by providing access to their largest nest egg – the equity in their home.

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