Reverse mortgage application form with dollar bills and model house

Reasons Why the Rich Are Getting Reverse Mortgages

May 01, 2023•1 min read

In recent years, reverse mortgages have become an increasingly popular option for affluent homeowners looking to access the equity in their homes without having to sell or move out.

A reverse mortgage is a type of loan that allows homeowners to convert a portion of their home equity into cash, which can be received in a lump sum, line of credit, or as monthly payments.

Verify Your Reverse Mortgage Eligibility

While reverse mortgages were once considered a last resort for retirees with limited income and few other assets, they have evolved into a viable financial planning tool for many affluent individuals and couples.

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Phil Ganz

Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.

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Next Wave Mortgage, LLC | NMLS ID 2536820

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2430 E Commercial BLVD #3,
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Next Wave Mortgage is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.

Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs.

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

Complaints may be directed to: [email protected]. For licensing information, please visit http://www.nmlsconsumeraccess.org