Reverse Mortgage

A reverse mortgage is for seniors, and is
a great way to withdraw equity from your home.

What is a Reverse Mortgage

A Reverse Mortgage (also known as the FHA HECM or Home Equity Conversion Mortgage) is a program that allows seniors to receive extra, tax-free¹ income by borrowing from the equity you have built in your home.

So essentially, a reverse mortgage is the opposite of a traditional mortgage. Instead of borrowing a large sum of money and paying it back monthly, you are paid money instead -- paying it back only when you no longer occupy the home as your primary residence (ie. when your home is sold).

How Does a Reverse Mortgage Help Me?

A reverse mortgage offers numerous benefits to seniors.

• You continue to live in and own your home with a reverse mortgage.

• You receive immediate and/or monthly income from your reverse mortgage

• You can adjust your payment options to meet your current needs.

• Reverse mortgages may be repaid at any time, with no penalty.

• A reverse mortgage allows you to relax, knowing that you owe nothing until you no longer occupy the home as your primary residence. In addition, even then, you and your heirs have no personal liability for the repayment, because it is secured solely by your home.

Reverse Mortgage Payment Options

The reverse mortgage is an extraordinarily flexible program, giving you a wide range of options for how you'll be paid. Better yet, you can change your payment option any number of times to fit your current circumstances and financial needs and goals. Options include:

Lump sum cash advance – A lump sum cash payment is immediately made available to you. Often, this method is used to pay off an existing mortgage.

Term – Your reverse mortgage is set up to be made in equal monthly payments; delivered to you for a fixed period of months.

Tenure – Fixed monthly payments are made to you as long as at least one homeowner lives and continues to occupy the home as a primary residence.

Line of Credit – In many states, a reverse mortgage can be used to establish a credit line that you can draw upon as you wish.

Combination – In essence a "custom" reverse mortgage that can utitlize, and combine, the payment options above; for example, a lump sum payment followed by monthly payments.

Reverse Mortgage Qualifications - Am I Eligible?

In order to obtain a reverse mortgage you must meet a few simple qualifications.

• You must be 62 years old or older

• You must occupy the property as a primary residence

• You must own the home free and clear, or the remaining mortgage must be paid through the reverse mortgage

• The property must be a single-family or two-to-four unit dwelling (Townhomes, condominium units, detached homes, and some manufactured homes may be eligible. To determine if your home is eligible call 1-866-854-4242)

• The home must meet HUD minimum property standards. If necessary, home repairs can be made after the closing of a reverse mortgage.

If I Apply for a Reverse Mortgage, What Happens Next?

Once you fill out our simple application form, you are required to speak with a HUD-approved counselor and reverse mortgage expert. The purpose of this consumer education session is to walk you through the steps in the application process and to discuss your current situation to make sure a reverse mortgage is in your best interest.

In other words, expert advice is a mandatory step of the process! So take the next step! Call toll free at 1-866-854-4242 or fill out our secure online application and one of counselors will contact you.

¹ Consult your tax advisor

Addition Benefits of a Reverse Mortgage  - Virtually NO credit requirements  - No affect on Social Security  - No affect on Medicare  - Make NO mortgage payment  - Retain ownership of your home  - Use the money for almost ANY purpose

What Clients Say "I would recommend you to anyone" Violet & John Mullins

62 or Older? Reverse mortgages have become increasingly popular due to their ability to offer seniors added freedom, flexibility, and financial security. If you would benefit from additional income, there's never been a better time to explore this option than right now.