Why Get A Reverse Mortgage?
- No repayment for as long as you occupy your home
- No taxes paid on the cash
- No prepayment penalty
- You retain title to your home
- You may sell your home at any time
- Cash may be used for any purpose
- Cash may be received in various ways
- Social Security and Medicare benefits are not affected
- After your estate pays the lender, all remaining equity is paid to your heirs
Who can Qualify?
All borrowers must be 62 and older
Occupy your home as your principal residence
Home should be free and clear, or mortgage balance low
Federal Government Support
The Federal National Mortgage Association (Fannie Mae) buys most reverse mortgages
The Federal Housing Administration (FHA) insures the Home Equity Conversion Mortgage (HECM) |
Reverse Mortgage Facts
What is a Reverse Mortgage?
- For homeowners age 62 and older
- A home equity loan (with no monthly payments) that doesn’t get paid back until the homeowners:
- Move out permanently
- Sell the house
- Pass away
- All proceeds from a reverse mortgage are tax exempt and the money can be used for any purpose
- Homeowners can never owe more than the value of their home, and they never have to leave their home
- No income or credit restrictions to qualify
- Reverse mortgage loan proceeds are available to homeowners based on the following factors:
- Age of homeowner(s)
- Value of house
- Location of house
- Current interest rates
- Proceeds are available as a:
- Lump sum
- Monthly payout
- Line of credit (that grows with the value of the home)
- Or a combination of any of the above
- Homeowners can refinance a reverse mortgage to pay it back at any time. Amount repaid is principal plus any accrued interest
Free Reverse Mortgage Evaluation
If you think that you could benefit from a reverse mortgage, please provide your information below. One of our reverse mortgage specialists will call you, review the various reverse mortgage programs, and together help you find the program that best suits your needs. We will take all the time you need to answer any questions, with no sales pressure.
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