What Is a Reverse Mortgage?
A reverse mortgage allows homeowners age 62 or older to convert part of their home equity into monthly income, a lump sum, or a line of credit. Unlike a traditional mortgage, there are no monthly payments required — repayment is only due when the home is sold or no longer your primary residence.
The Home Equity Conversion Mortgage (HECM)
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. With recent updates, borrowers now enjoy higher borrowing limits and even the option to purchase a new home using a reverse mortgage.
Benefits of a Reverse Mortgage
- Eliminate your existing mortgage payments
- No monthly payments required (you must continue paying property taxes, insurance, and upkeep)
- Receive tax-free monthly income (consult your tax advisor)
- Keep ownership — your name stays on the title
- Flexible payout options — lump sum, line of credit, or monthly payments
- Use a reverse mortgage to purchase a new primary residence
Flexible Disbursement Options
You decide how to receive your funds:
- Monthly payments for steady income
- Lump sum to cover large expenses
- Line of credit to draw from when needed
- Or a combination of these options
When the home is sold or no longer your residence, the reverse mortgage is repaid from the sale proceeds. Any remaining equity belongs to you or your heirs.
Why Work With Tim and Liz?
Tim and Liz Serratt understand the unique needs of retirees in Vero Beach and the Treasure Coast. They’ll walk you through your options, answer your questions, and help you decide if a reverse mortgage is the right fit for your financial goals.
Explore Your Options Today
A reverse mortgage could provide the security and peace of mind you deserve in retirement.
What our Clients say
Trusted by families across the Treasure Coast.
Tim was absolutely amazing figuring our mortgage out. It was such a stressful situation and the first lender denied us literally at the last minute! But Tim kept us calm and reassured us that it was gonna happen. And let me tell you he did it! He pulled a rabbit out of the hat and made some magic happen! I just cannot say enough about how pleased we are with Contour. Tim and his Wife Liz make an excellent team and even followed up with us when this stressful process was all done. You can tell they really care about their clients. We will definitely be only using them in our next mortgage!
Im a 25 year old Navy veteran going through college. My wife and I wanted a house to start building our family and Tim made ut all possible. He worked with us to fix our finances, and get us into our dream house. My family and I are extremely greatful for the work that Tim did and we are hoping that if anyone is in a similar situation in life and are too scared to try, you feel a little more comfortable with letting Tim help you.
Thankful, grateful and blessed. These are the words that come to mind now that we are in our beautiful home. Thankful to Tim for carrying us throughout the sometimes stressful moments of the home buying process. Tim never wavered and when road blocks come, as they sometimes do, Tim plowed through them and took every possible step to make sure we got our home. Communicating every aspect to us efficiently and clearly (even figuratively talking us off of the ledge a few times 😂) Grateful that we chose Tim & Liz to handle this home purchase as I know in my heart that if not for them, we may not be in our beautiful home had we went with another mortgage company. Blessed to now be in our home, to have chosen Contour mortgage , and to have met and worked with these two amazing people. Dreams do come true 🥰 Thank you Tim, Liz, and the entire team at Contour mortgage for making ours come true! T&C