Reverse Mortgage Loans enable eligible homeowners to access money they have built up as equity in their homes. They are primarily designed to strengthen a seniors’ personal and financial independence by providing funds WITHOUT A MONTHLY PAYMENT burden during their lifetime in a home.

The loans are designed and backed by the U.S. Department of Housing and Urban Development (HUD), Fannie Mae and some private investor sources. Most of the Reverse Mortgage loans secured today are insured by the Federal Housing Administration (FHA).

All applicants must be 62 years of age or older and either own a home or be seeking a home to purchase.

Some of the largest benefits realized include:

1. No loan repayment for as long as you live in your home.

2. No income, medical or credit requirements.

3. Tax-Free funds for as long as you live in your home.

4. Retain ownership of your home for life, Guaranteed!

5. There are no restrictions on how you choose to use the loan proceeds.

6. Upon sale of the property, any and all remaining equity after repayment of the loan,

7. You will never owe more than the value of the home at the time of repayment, even if the loan balance exceeds the value of the property. This means that NO DEBT WILL BE PASSED ON TO HEIRS!

The loan proceeds are available in a number of ways:

1. Lump sum disbursement.

2. Monthly payments made TO the borrower for life!

3. Monthly payments made TO the borrower for a set period of time.

4. A Line of Credit.

All properties must be owner-occupied as your primary residence or a true second home, and the property must be either:

1. One to Four Unit dwelling.

2. A Condominium.

3. A unit in a Planned Unit Development.

4. Manufactured Housing and Leasehold properties may be eligible.

5. Second Homes May Now Be Eligible For Reverse Mortgage Loans!

6. Under the New Legislation, Reverse Mortgages can be used to PURCHASE a property.

No! But any liens that exist on the property must be paid off at closing.

Yes! Borrowers are required to complete counseling that is specifically designed for Reverse Mortgages and provided by government or lender approved sources. This insures that all borrowers understand the program features and requirements along with presenting other options that may exist. Additionally, many of the loans are insured by FHA and/or backed by Fannie Mae to guarantee loan terms and payments for as long as you live in your home.