Reverse Mortgages Explained

What Is A Reverse Mortgage
A reverse mortgage is a unique financial tool that allows seniors to access the equity in their homes. The reverse mortgage loan requires no monthly payments or fees. Instead, the lender pays you. No payments are due as long as you remain in your home. The loan balance only becomes due when you move from your home or pass away.

Reverse Mortgage Facts:

No financial qualification is needed
There are no payments as long as you live in your home
Fully guaranteed by the Federal Housing Administration (FHA)
What Are The Benefits of a Reverse Mortgage
There are a number of benefits:

Provides access to money that you can can use for assisted care in your home or in a care facility
Tax-free payments as long as you live in your home
No income or credit requirements
The proceeds of the reverse mortgage will pay off any outstanding mortgages against the property
No payments are required during your lifetime as long as you live in the home
Keep title and possession of your home
Choose a cash flow plan customized for your needs
Pay off existing mortgage
Retain your personal and financial independence
No prepayment penalty
Common Use of Loan Proceeds
Health care or long-term care
Reducing financial burden on your children
Living expenses
Emergency cash fund
Home improvement
Paying off debt
Travel
Paying cash for new RV, car or time share
Hobbies
Do I Qualify for a Reverse Mortgage?
To qualify for a reverse mortgage, you must:

Be 62 or older
Own a single-family home or condo with some equity
Occupy the property as your primary residence

Home Health Care - Home Care - Homecare - Hospice Care