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confused-senior.jpgSo what exactly is a Reverse Mortgage?

A "reverse" mortgage is a home loan for seniors 62 years and older that allows you to convert a portion of the equity in your home into tax-free* income.  You do not have to sell your home, give up title, or take on a new monthly payment. 

This program is very different from a "forward" mortgage--instead of you paying the mortgage company, the mortgage company pays you!  You can choose how you would like to receive your money from a variety of options, including a credit line, a lump sum, or monthy payments. 

Most importantly, you make no mortgage payments on the loan as long as the home remains your primary residence, is maintained, and taxes and hazard insurance payments are current.

Finally, you can enjoy your golden years in your own home without worry!

You can use your Reverse Mortgage money for any purpose, including:

  • Healthcare services
  • Daily leving Expenses
  • Property repairs
  • Paying off existing debts, including your current mortgage
  • Taking a dream vacation
  • Equipping a home for long term care

Would you like to know if you qualify? Click here.

Click here for an example of how a Reverse Mortgage works.

*please consult your tax professional regarding benefits

 

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Did you know...?

· If your home sells for less than the reverse mortgage loan balance, you are not responsible for the balance

· If your home sells for more than the reverse mortgage loan balance, you keep the profit

· You can pay off the reverse mortgage loan at any time without penalty

· If you move to a health facility, the reverse mortgage loan balance is not due until you no longer live in the home for 12 consecutive months

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