Does a Reverse Mortgage Make Sense for You?
Most of the people I talk to thought their home would be paid off by now, but...
- Life doesn't always work that way
- Some are still dealing with a mortgage
- Some have lost a spouse
- Some are just trying to keep up with everything getting more expensive
- They're not looking to do anything drastic
- They just want to stay in their home and make things work
Let's see if a reverse mortgage could work for you
If you are 62 or older and own a home in Harford County or the surrounding area, Mark will talk through your options and tell you whether it fits. Free in-home meetings.
If you own a home in Harford County, Maryland, there is a good chance it has increased in value over the years.
For many homeowners, their home is their biggest asset. The problem is that asset does not always help when the bills come in each month. I talk to homeowners in Maryland all the time who are living on a fixed income, dealing with rising expenses, and trying to figure out how to make things work without leaving the home they already have. That is where a reverse mortgage can make sense.
How I Help Homeowners 62+ in Harford County, MD
Your home may be your greatest asset. But what happens when that asset isn't helping you cover your monthly expenses? If you've ever wondered how to turn that value into something that actually makes life easier, I'm Mark McVearry. As a licensed reverse mortgage specialist (NMLS #27670), I've spent the last 30 years helping homeowners stay in their homes, reduce financial pressure, and create additional income without taking on a monthly mortgage payment.
How a Reverse Mortgage Works
A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, is a federally insured loan designed specifically for homeowners age 62 and older. Depending on your situation, it can:
- Pay off your existing mortgage
- Eliminate your required monthly mortgage payment and put that payment back in your pocket each month
- Provide additional money for expenses now and later
- Create a line of credit for future needs
You remain the owner of your home. You still have the ability to sell at any time, and the money you receive is tax-free.
What Mark's clients say
We thought we might have to sell our home. Mark showed us another option we didn't even know existed. He even pointed out programs that helped reduce our property taxes. Once our mortgage was paid off and our expenses came down, we realized we couldn't live anywhere cheaper. We didn't want to move—and now we don't have to.
I was still making mortgage payments in retirement and starting to feel the pressure. Mark walked me through everything step by step and made it easy to understand. Once the payment was gone, it made a big difference month to month.
We weren't sure if this was the right move. Mark took the time to explain everything clearly and answered every question we had. We never felt rushed, which made us comfortable moving forward.
Questions homeowners ask
Do I still own my home with a reverse mortgage?
Yes. You remain the owner. A reverse mortgage is simply a refinance of your home. The difference is that it does not require monthly mortgage payments.
Can a reverse mortgage pay off my existing mortgage?
Yes. Many Harford County MD homeowners use a reverse mortgage to eliminate their current monthly mortgage payment.
What if I already own my home free and clear?
You qualify. Many homeowners use a reverse mortgage to access equity to pay off other debts, create monthly cash flow, or establish a line of credit for future expenses.
Is a reverse mortgage safe?
A Home Equity Conversion Mortgage is federally insured and regulated. HUD-approved counseling is required before application.
Do I need perfect credit to qualify?
No. There are no minimum credit score requirements.
