How Does a Reverse Mortgage Work

A reverse mortgage is a loan that enables homeowners and homebuyers age 62 (60 in some cases) or older to convert some of their home equity into cash or a line of credit. Some loans also let homeowners finance a new home purchase. With a reverse mortgage, you make no loan payments. You continue to live in and own your home. Unlike a traditional home equity loan or home equity line of credit (HELOC), you don’t have to repay a reverse mortgage until the home is sold or the last surviving borrower (or a non-borrowing spouse who meets certain requirements) no longer lives in the home. The homeowners must maintain the condition of the home and stay current with property taxes and hazard insurance.

Benefits of a Reverse Mortgage Loan

A reverse mortgage loan through Janus Mortgage gives you the ability to enjoy financial security, peace of mind and the ability to remain in your home during your retirement years.

You have the freedom to use the net proceeds however you deem necessary.*

• Supplement your retirement income
• Consolidate debt
• Pay for medical care, prescription drugs and in-home care
• Cover large or unexpected expenses
• Make home improvements
• Travel to visit family and friends or take vacations
• Gifts for the children/grandchildren
• Live a more comfortable lifestyle