Reverse Mortgage Basics:
A Reverse Mortgage is a loan:
- you retain ownership of your home
- against the equity in the home
- that provides tax-free cash advances
- that requires no payments
- that is not due and payable until the borrower no longer
occupies the home as a principal residence - that no matter how high the loan balance grows, the borrowers or their heirs never owe more than the home's market value.
Reverse Mortgage Requirements
- you must be at least 62
- own your own home or condominium
- there are no income requirements
- there are no credit requirements
- you may be eligible for a reverse mortgage even if you still owe money on your first mortgage
The Proceeds can be used for anything:
- daily living expenses
- home repairs and home improvements
- medical bills and prescription drugs
- pay-off of existing debts
- long-term health care
- retirement and estate tax planning
- and other needs you may have.
The Proceeds are available as:
- a lump sum
- fixed monthly payments for as long as you live in the home
- a line of credit
- or a combination of these options
The Amount that You Qualify for:
- will depend on your age
- the value of your home
- current interest rates
- the older you are and the greater your equity, the larger the reverse mortgage benefit.
Independent Reverse Mortgage Counseling:
- You must complete reverse mortgage counseling. The counseling session can be done in person or over the telephone.
Free reverse mortgage
Information Package
Learn in the privacy of your home
Let us assist you in understanding if a reverse mortgage could improve the quality of your life. Please complete this confidential and secure information request.
the Free reverse mortgage Information Package includes:
- DVD video: Reverse Mortgages, Making an Educated Decision
- A booklet by Fannie Mae: Considering a Reverse Mortgage? Review these 5 steps to see if one is right for you
- A booklet by The National Council On The Aging (NCOA): Use Your Home to Stay at Home; A Planning Guide for Older Consumers
- AARP: Found Money. Need cash? A reverse mortgage might be the answer, but make sure you know the costs
- A brochure: A Consumer Guide to Reverse Mortgages, Your Resource to Provide Financial Security and Improve Your Quality of Life
- A booklet by National Reverse Mortgage Lenders' Association (NRMLA): The Frequently Asked Questions: Answers to Common Questions About Reverse Mortgages.
