Reverse Mortgage

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Homeowners 62 Years of Age and Over?

A reverse mortgage unique loan which enables homeowners 62 years of age and older to convert some of their home equity into tax free cash without selling their home or giving up their homes title. Social Security and Medicare do not effect a reverse mortgage and there are no income or credit qualifications. Reverse mortgages require no monthly payments.

The “Reverse Mortgage” aka the Home Equity Conversion Mortgage (HECM), was introduced by the Department of Housing and Urban Development (HUD). These are government insured loans backed by the Federal Housing Administration (FHA).

Must Be 62 years of age or older

Ability to pay property taxes & homeowners insurance

Must reside in the home as their primary residence

Receive HUD Approved Reverse Counseling

Advantages of Reverse Mortgages:

There are no restrictions on what the loan proceeds may be spent on. Borrowers may pay outstanding bills like credit cards, personal loans, car loans, etc. They can even use the funds to purchase another home, buy a car, home improvements and even give financial assistance to a needed family member. Depending on the needs of the borrower you may elect to receive a lump sum of cash at closing or receive a select amount to be paid directly to you on a monthly basis for a selected term. Also, you may elect to receive a line of credit to use at your convenience. Further, you may elect to take advantage of all three previous options.

The majority of reverse mortgage borrowers choose to have no set term of the loan. Reverse mortgages. Borrowers can chose a set term of years, i.e., 10 years, 15 years, 25 years, etc. which increases the monthly proceeds. Each borrower’s needs are different and thorough care should always be considered when choosing a term for your reverse mortgage payments paid to you. Some borrower’s choose a term for a set term to receive money each month to pay their bills. Some use a reverse mortgage to prolong taking social security early, allowing the reverse to pay them monthly payments so they won’t be forced to take social security early at a less favorable payout than waiting until full retirement age. Please note if your reverse mortgage term ends, no repayment of the loan is required and you continue living in your home.

Reverse Mortgage Options

Reverse mortgages have fixed and adjustable rate options which should be discussed with your loan officer for what option best serves your financial needs for today and the future of the loan.

Reverse mortgages and home equity loans are very different. Although both require equity in the home an equity loan specifically requires the borrower to qualify for the loan with income and credit history unlike the reverse. The great advantage obviously is no monthly payment requirement unlike the home equity credit line which may be reduced or terminated at the discretion of the lender.

A reverse mortgage has specific benefits for seniors who would like to take advantage of using their home’s equity without the stress of other qualifying loan programs. The reverse mortgage is not for every senior. It’s truly a mathematical equation which should be seriously considered. Many of our customers never knew the true form of this product and how this loan could change their lives.