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.
I’ve been working with Tim Serratt since 2017 — from purchasing my home to several refinances — and most recently, he helped get my new loan approved! Even though I’m on the West Coast and he’s on the East Coast, he always makes me feel like I’m his top priority. He’s incredibly responsive, always answers my calls and questions right away, and goes above and beyond to make the process smooth and stress-free.
I truly appreciate his dedication and professionalism. No matter where I am or what kind of loan I need, he’s the only person I trust to handle it. Highly recommend — a true 5-star loan officer!
Cheers to 8 years friendship Tim🥂 and cheers to new chapter of our life in the new house 🏡 🥂
Tim and his team are the best! Would have not been able to close without him. I was working with a different company before him and there was a lack of communication with what was needed to close. Tim came in with a very short time frame and was very clear with what needed to happen for me to close. He made it happen fast and smoothly. Would recommend for everyone looking for a mortgage.
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!