As a homeowner, your home is more than just a place to live—it’s a valuable asset that represents years of hard work and financial investment. Whether you’re looking to tackle immediate financial goals, are thinking about estate planning, or simply want greater financial flexibility, having access to your home equity without compromising your long-term security is crucial. That’s where Platinum Preserve comes in.
This innovative new feature, available exclusively with certain fixed-rate Platinum reverse mortgages, lets you tap into your home equity now while reserving a portion (10-40%) for future needs or to leave as a legacy for your estate. It’s a forward-thinking solution designed to help you to maximize your home’s value—both today and in the years ahead.
So why does this new feature matter? A 2024 Freddie Mac survey found that 75% of Baby Boomer homeowners plan to leave their home or its value to their heirs.1 Others may want to set aside equity for future needs like downsizing, healthcare, or supporting a meaningful cause. Platinum Preserve was designed with these priorities in mind.
The Benefits of a Reverse Mortgage—With Added Flexibility
Platinum is, of course, just one of several reverse mortgage products available to you. All reverse mortgages are designed to give older homeowners the power to convert part of their home equity into cash without having to sell their home. Unlike traditional mortgages, with a reverse mortgage, monthly mortgage payments to the lender aren’t required so long as you keep up with your property taxes, homeowners insurance, and home maintenance costs.
With a reverse mortgage you can:
- Boost Your Financial Flexibility – Access income-tax free2 cash to use however you wish, such as paying for everyday essentials, covering healthcare expenses, making home improvements, or even enjoying a well-deserved vacation.
- Eliminate Your Monthly Mortgage Payments – Payments are deferred until the loan is due,3 meaning you can free up your monthly cash flow and redirect funds to other priorities.
- Secure Non-Recourse Protection – While repayment is deferred until a maturity event, such as when you sell the home, move out, or pass away, thanks to non-recourse feature, you or your estate will never owe more than the home is worth at the time of sale. This means that your financial risk is minimized, providing you with greater peace of mind.
- Retain Full Ownership of Your Home – Continue living in the home you love,3 comfortably and securely, as you age in place.
While all reverse mortgages offer these benefits, Platinum Preserve provides an extra layer of financial security by allowing you to set aside a portion of your home equity for the future. This feature gives you the freedom to access the funds you need today while ensuring that a portion of your home’s value remains intact for whatever comes next.
The Best of Both Worlds—For You and Your Heirs
Platinum Preserve is designed with your long-term financial well-being in mind, offering unique benefits that provide the best of both worlds. You can enjoy the benefits of a reverse mortgage while still ensuring that a meaningful percentage of your home’s value is preserved for your heirs or future needs.
Setting aside between 10% and 40% of your home equity offers peace of mind, allowing you to maintain financial control and plan ahead with confidence. Whether you’re preparing for potential healthcare expenses, considering a future move, or simply wanting to leave a legacy for your heirs, Platinum Preserve empowers you to make informed financial decisions without sacrificing your long-term security.
Another key benefit, as we mentioned, is the added layer of non-recourse protection. While all reverse mortgages ensure that neither you nor your estate will owe more than the home’s value at the time of sale, Platinum Preserve extends this protection to both the equity you use today and the portion you reserve for later. This means that your loved ones are safeguarded, and your financial risk is minimized.
Is Platinum Preserve Right for You?
The Platinum Preserve feature is ideal for homeowners aged 55 and over4 who are looking for a more flexible, cost-effective way to manage their home equity. This solution may be right for you if you want to:
- Safeguard a portion of your home equity to protect your legacy and leave as an inheritance or for future use.
- Create a financial cushion while still accessing a lump sum from your home’s value.
- Avoid the upfront initial mortgage insurance premium (IMIP) costs of traditional reverse mortgages and maintain long-term security.
- Have peace of mind knowing that your estate and heirs are protected through non-recourse provisions.
A New Era in Home Equity Solutions
Platinum Preserve represents a significant step forward in home equity solutions, offering homeowners more control over their financial future. By choosing this option, you’re not just unlocking the value in your home—you’re making a strategic decision that aligns with your current financial goals and beyond.
If you’d like to learn more about how this unique feature can work for you, reach out to our team today. Our team is here to help you explore your options so you can make the best decision for your financial future.
