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What is a Reverse Mortgage?

Contact us to review your options and to get the answers to all of your questions. This can be done by phone or we can arrange to come to your home and speak with you and any other family members.

What is a reverse mortgage?
Reverse mortgage loans are a way for older homeowners to convert their home's value into tax-free cash, without having to sell or move. Insured by the U.S. government, the Department of Housing and Urban Development (HUD) allows Homeowners who are 62 or older can borrow against the equity of their homes.

Here's how it works:

  • Qualifying homeowners can choose to receive tax-free payments from either on:
    • a monthly basis
    • in a lump sum
    • or as a line of credit
  • No income or credit checks are required.
  • No repayments are required while a borrower lives in the home.
  • Social Security and Medicare benefits are not affected.
  • When the loan is paid in full, all associated equitywill be distributed to your heirs.

Do I qualify for a reverse mortgage?

You must be age 62 or older. And you must occupy the home as your primary residence - for the majority of the year. Borrowers must own the home outright or have a low enough balance on the existing mortgage that it can be paid off from the proceeds of the reverse mortgage.
Each borrower listed on the title must apply for the reverse mortgage loan, attend a free HUD counseling session and sign the loan papers. The HUD counseling is either handled in person, or over the telephone. All individuals on title must apply for the reverse mortgage, attend counseling and sign the loan papers.


How is the loan amount determined?
The amount of the loan is based on:

  • The age of the youngest borrower
  • The appraised amount of the property
  • No income or credit is required.

What are my reverse mortgage options?

HECM -- The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage that is insured by the Federal Housing Administration (FHA). The FHA guarantees that HECM lenders meet their obligations, governs how much HECM lenders may loan to qualified borrowers, and limiting loan costs. Because this is a government insured program, loan counseling is required, by an approved HUD counselor.

HECM offers 4 draw options:

  • Monthly income for a fixed term, or life
  • Line of credit
  • Lump sum
  • Any combination of the above 3

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Contact us to review your options and to get the answers to all of your questions. This can be done by phone or we can arrange to come to your home and speak with you and any other family members.

What is a reverse mortgage?
Reverse mortgage loans are a way for older homeowners to convert their home's value into tax-free cash, without having to sell or move. Insured by the U.S. government, the Department of Housing and Urban Development (HUD) allows Homeowners who are 62 or older can borrow against the equity of their homes.

Here's how it works:

  • Qualifying homeowners can choose to receive tax-free payments from reverse mortgage lenders either on a monthly basis, in a lump sum, or as a line of credit.
  • No income or credit checks are required.
  • No repayments are required while a borrower lives in the home.
  • Social Security and Medicare benefits are not affected.
  • When the loan is paid in full, all equity associated with the property will be distributed to your heirs.

Do I qualify for a reverse mortgage?

You must be age 62 or older. And you must occupy the home as your primary residence - for the majority of the year. Borrowers must own the home outright or have a low enough balance on the existing mortgage that it can be paid off from the proceeds of the reverse mortgage.
Each borrower listed on the title must apply for the reverse mortgage loan, attend a free HUD counseling session and sign the loan papers. The HUD counseling is either handled in person, or over the telephone. All individuals on title must apply for the reverse mortgage, attend counseling and sign the loan papers.


How is the loan amount determined?
The amount of the loan is based on:

  • The age of the youngest borrower
  • The appraised amount of the property
  • No income or credit is required.

What are my reverse mortgage options?

HECM -- The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage that is insured by the Federal Housing Administration (FHA). The FHA guarantees that HECM lenders meet their obligations, governs how much HECM lenders may loan to qualified borrowers, and limiting loan costs. Because this is a government insured program, loan counseling is required, by an approved HUD counselor.

HECM offers 4 draw options:

  • Monthly income for a fixed term, or life
  • Line of credit
  • Lump sum
  • Any combination of the above 3