Turning your home into your saving account

Seniors across the country are learning about how reverse mortgages can help them live the retirement they have always dreamed of.  There is a lot to learn and Topdot is dedicated to helping you learn what you need to know and our friendly Reverse Mortgage Consultants can guide you through every step of the way.  Receive cash, a tax-free* monthly income, and/or credit line by tapping the equity in your home with a reverse mortgage from Topdot Mortgage.  Read on or call us now to find the reverse mortgage that best meets your needs. 

A reverse mortgage can assist you with:
Paying off your Existing Mortgage
Make Home Improvements
Travel
Assist with College Tuition
Pay for healthcare, bills, etc.

What is a Reverse Mortgage?
A reverse mortgage is a special type of home loan that enables seniors (62 years and older) to tap the equity in their home to receive payment, either as a line of credit, a monthly stipend or as a lump sum amount. The proceeds are typically tax-free*. A reverse mortgage is repaid (on the portion taken) when a senior moves out of his or her house. It is a non-recourse loan, meaning the senior will never be required to pay more on the loan than the value of the home.

There are no monthly payments! There are no credit or income requirements. Only your age, home equity and current interest rate are used to qualify for a reverse mortgage. There are a variety of reverse mortgage programs to fit the unique needs of each borrower.

•HomeKeeper ^®
•HomeKeeper for Purchase^®
•The Flex Plan (jumbo loan)
•The Flex Plan for Purchases (jumbo loan)

Why Choose a Reverse Mortgage?
At Topdot, we know that sometimes retirement incomes often aren’t enough to get by or make special purchases. Our goal at Topdot is to provide you with all the information so you can make the best decision for your needs.  With a reverse mortgage, seniors can receive cash, a tax-free* monthly income and/or a credit line by tapping the equity in their home. These loans are backed by the U.S. government and major financial institutions, and they never have to be repaid until the house is no longer occupied as the senior’s primary residence.

Reverse mortgages are right for seniors who need:
• Supplemental Income
• To Make Home Repairs
• Pay Off of Existing Mortgage
• Extra Money
• To Help Relatives
• To Help a Spouse in a Nursing Home
• In-Home Care
• To Pay Off Property Taxes
• To Buy That Retirement Home
• To Save a Family Home from Foreclosure

Supplemental Income:
The number one reason seniors take out a Reverse Mortgage is to supplement their retirement income. For many seniors, Social Security is their only source of income. Others have small pensions that have truly become insignificant after countless rounds of inflation. Today, many senior couples are living in their own homes on less than $1,000 per month and for many singles, the amount is under $600. For them, a reverse mortgage is the best option.

There are also a large number of people who are “getting by” on a
month-to-month basis. However, they are not able to handle setbacks involved in owning and maintaining a home. When furnaces break down, the paint starts to peel, water heaters go out, the roof needs repair or the property taxes are due, there simply is not enough money in the budget.

Pay Off of Existing Mortgage:
Many people take out 30-year loans for new homes after reaching age 50. Trying to make a mortgage payment of even $300 to $500 per month on a fixed retirement income is a burden for many seniors.

Helping Relatives:
Often times a client wants to help their children or grandchildren. Maybe help a daughter buy a condominium nearby. By taking out a reverse mortgage, you will be able to give your daughter the down payment. A fringe benefit of this is that you will now get to see your grandson/granddaughter more frequently since they live so close by.

Many clients choose to use a portion of their funds to help their college-aged children with tuition and books. 

In-Home Care:
Keep your loved ones close by accommodating to their needs and making your home more wheelchair-friendly and provide enough funds to provide in-home care for a loved one. 

Property Taxes:
The tremendous increases in home values in some parts of the country have led to massive property tax increases. Until recently, many seniors simply could not afford to pay their taxes and were forced to sell their homes. Now, with the help of a reverse mortgage, the additional funds help cover those costs.

* Consult your tax advisor


Learn about the different mortgages available in our Reverse Mortgage Types section.