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Reverse Mortgages

For many Americans retirement can be a mixed blessing. On one hand it is a time to enjoy family and friends, explore special interests and enjoy living life to the fullest. But, retirement years can also present special challenges. As costs of health care, prescription drugs, home repairs and just everyday living expenses continue to increase, seniors often find themselves in need of extra income just to keep up.

The U. S. Department of Housing and Urban Development (HUD), recognizing the dilemma of retirement years for seniors developed the Home Equity Conversion Mortgage (HECM), Reverse Mortgage, to enable home owners age 62 and older to convert a portion of the equity in their primary residence into TAX-FREE income without giving up ownership of their home and without the requirement of making monthly mortgage payments.

If you are 62 years of age or older and have equity in your home, a reverse mortgage can turn that equity into cash, a line of credit or monthly income. Unlike a traditional mortgage, there are no monthly mortgage payments and the proceeds are tax-free. There are no income or credit qualifications required. You qualify based on your age, value of your home and the current interest rate. Best of all, you retain ownership of your home and can live there for as long as you choose without the worry of making mortgage payments.

Reverse Mortgage Facts

SAFE - Government Insured, regulated and protected by FHA.
TAX-FREE - Funds from a reverse mortgage are tax-free; it's your money,not additional income. A reverse mortgage does not affect regular Social Security or Medicare benefits. (Always consult with your Financial Advisor).
YOUR NAME REMAINS ON TITLE - You own your home with a reverse mortgage, just the same as with a regular home purchase mortgage. Once you permanently move out of your home or pass it to your estate the loan comes due.
YOU NEVER MAKE MORTGAGE PAYMENTS - The flow of payments is reverse during the term of the reverse mortgage - the lender pays you. However, you are responsible for keeping up payments on your homeowner's insurance and property taxes, and to maintain the condition of your home.

Do you have additional questions?
Visit our Reverse Mortgage Frequently Asked Questions Page.
Or, contact one of our loan professionals by Clicking Here

Reverse Mortgages	Videos
Special financing for our senior home owners read more >	Click here to view a brief video for an introduction to the mortgage process view video >