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Qualifying for a Reverse Mortgage may be easier than you think!
A Reverse Mortgage may help provide you financial control and flexibility in your retirement years.
Enjoy your golden years - You've earned it!
Reverse Mortgages (also called Home Equity Conversion Loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until you, the borrower sell the property, move into a retirement community or pass away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the Reverse Mortgage plus interest and other finance charges to the lender.
Most Reverse Mortgages require you to be
at least 62 years of age, have a low or zero loan balance owed against your home and must maintain the property as your principal residence.
Reverse Mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable, and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take your home away if you outlive your loan, nor can you be forced to sell your home to pay off your loan, even if the loan balance grows to exceed the property value.
View the following links for detailed information on how the Reverse Mortgage program works and how it may work for you.
Reverse Mortgage Program Information
Myths about Reverse Mortgages
Easy steps to getting a Reverse Mortgage
Please note the following:
This loan program may not be for everyone. However, we can help you determine if this program is right for you.
We recommend that homeowners discuss the Reverse Mortgage program with their family, friends and/or trusted advisors in order to determine if this is the right decision for them. This program could affect other income needs benefits such as, Medic Aid, Medical, etc., so we recommend that you consult with your advisor.
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