Reverse Mortgage Benefits

1.No monthly payments until you pass away or move from home.

2. Monthly payments are made to you or take a lump sum

3.Loan counseling to ensure that you understand the reverse mortgage process before you enter into a loan.

4.Loan counseling to ensure that you understand the reverse mortgage process before you enter into a loan.

Testimonial

“What a life-saver! At 81 years old I was felt like I was drowning in debt. After my husband died with no life insurance, I found myself trying to live on credit cards until I could feel the noose tightening. The Reverse Mortgage paid off my bills, put in the 1st floor bath I needed and now my pension and Social Security belong to me. What a godsend!"

- Barbara Ponder



What Is A Reverse Mortgage?

A Reverse Mortgage is a government-insured reverse mortgage commonly known as a home equity conversion mortgage (HECM), a financial tool designed to give homeowners over 62 access to their home's equity.

Who Is Eligible?

Eligible homeowners are those who are at least 62 years of age, and have adequate equity in their homes.

How Does It Work?

Unlike typical mortgages, reverse mortgages pay out the equity to the homeowner. Along with eliminating your current mortgage payment, your extra cash is available in different payment plans:

•Term option
•Tenure option
•Line of credit option
•Modified Tenure option
•Modified Term option

Do I Have To Pay It Back?

No! With any reverse mortgage, you will never make a mortgage payment as long as you live in your home.



Frequently asked questions

1.  I currently have a mortgage on my home, can I take out a reverse mortgage?   2.  Will the reverse mortgage change my SSI or Medicaid eligibility?
 

Yes. However, the existing mortgage(s) must be paid off at the time of closing. You may use a portion  the proceeds from the reverse mortgage to do that.

    

No. These benefits will not be affected by the proceeds of a reverse mortgage as long as the monthly cash advances are completely spent and not accumulated. These rules do vary state to state, so check with the local Area Agency on Aging, and also confer with your tax advisor.