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.
Disclaimer: A reverse mortgage is a loan that must be repaid. Borrowers are required to continue paying property taxes, homeowners' insurance, and any applicable HOA/condo fees, and to maintain the home as their primary residence and in good repair. Failure to meet these obligations can result in foreclosure and loss of the home. The loan becomes due and payable when the last borrower passes away, sells the home, permanently moves out, or otherwise no longer occupies the property as a primary residence. A reverse mortgage will reduce the equity in your home and may affect your ability to leave the property to your heirs. Not all borrowers or properties will qualify. You should consult with a qualified housing counselor, tax advisor, and/or attorney before proceeding.
What our Clients say
Trusted by families across the Treasure Coast.
I wanted to take a moment to thank Tim Serrat and the Contour Mortgage Team for the excellent job they did leading to purchase of my new home in Satellite Beach. Tim did an outstanding job from day one. He got me the best finance rate, explained the entire process and walked me through every step of the way. Everything happened exactly like he promised with no surprises. Tim was super responsive answering calls and clarifying any questions. To top it off he connected me with the home insurance company that ended up providing the best quote and coverage I could find. I highly recommend Tim Serrat and Contour Mortgage to anyone looking to finance or re-finance their home.
From the very first meeting with Tim I could tell he truly listened and cared about my situation he made the whole process of applying for a mortgage seem pretty easy even though I’m a single mom and the last time I bought a house was 10 years ago! Everybody at Contour mortgage is kind and helpful so glad I trusted first Scott and Janice Reynolds to even believe it was possible and then Tim made it a reality!!! Thank you to Sarah my realtor she’s a sweetheart looking at houses can be exhausting but we did it together smiling even laughing sometimes at the process of trying to find the right house for me. I highly recommend Contour Mortgage excellent team!!
I recently relocated from New York to purchase a home in Vero Beach, and Tim Serratt from Contour Mortgage came highly recommended. I’m so glad I was connected with him — he was absolutely fantastic to work with from start to finish.
Tim has a calm, reassuring demeanor that immediately put me at ease. He is incredibly knowledgeable and walked me through every step of the mortgage process with patience and clarity. Buying a home from out of state can be stressful, but Tim truly held my hand throughout the entire journey and made everything feel manageable.
If you’re looking to purchase a home in Florida and want a mortgage professional who is both skilled and genuinely supportive, I highly recommend working with Tim.