Reverse Mortgages

What is a Reverse Mortgage?

A Reverse Mortgage enables homeowners 62 and older to use part of their equity in their home and turn it into tax-free income. This is while staying in your own home with no monthly payments and the title stays in your name.

Quick Facts:

- No Credit, income or health requirements

- Social Security and Medicare benefits are not affected

- You can sell your home at anytime with no pre payment penalty

- You spend the remaining money how you wish i.e. payoff existing debt, home maintenance or repair, in home health care, emergency savings fund, and financial security

FAQ’s

Who gets the house when I do not live in it anymore?

The title is in your name, this allows your heirs to have up to a year to sell or refinance the property for the amount you borrowed. You stay in the house as long as you live in it. You may sell it at anytime without having to pay any pre payment penalty.

Will this affect my Social Security and Medicare?

As for the Social Security and Medicare, a reverse mortgage will have no affect at all. If you receive Medicaid, this will be considered an income and you will need to spend the money the same month you receive it.

Will I ever owe more than what the property is worth?

A reverse mortgage cannot be outlived. As long as at least one homeowner lives in the home (keeping taxes and insurance current) the loan does not need to be repaid. Furthermore, one will never owe more than the home's value (a reverse mortgage cannot become "upside down") because of the FHA insurance.

What is required of me?

You are required to pay your taxes and insurance each year. You will also need to tend to the normal upkeep of the property on a regular basis.

How do I get started?

Call one of our Reverse Mortgage Specialists today to answer any questions you may have.