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 Reverse Mortgages:
What is a reverse mortgage?
A reverse Mortgage is a type of loan that allows you to tap into the equity locked up in your home without ever having a monthly mortgage payment for as long as you reside in your home. It is a financial tool that ideal for homeowners who are retired and need to supplement their income. It provides seniors with the financial freedom an peace of mind to fully enjoy their retirement years. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security of Medicare benefits. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit or a combination of the three.
Why do I need a Reverse Mortgage?
Only you can answer that question. Some of the most common reasons for seniors to choose a Reverse Mortgage are:
• Supplemental Income
• Pay off existing morgage and eliminate montly payments
• Consolidate Debs: Pay off car, credit cards, medical bills... and eliminate stress
• Repair of remodel home
• Take a much needed vacation
• Help a family member
• Pay for long term care insurance
• Stop Foreclosure
How do I qualify?
Most reverse mortgages require you be at least 62 years of age, have some equity in your home and maintain the property as your principal residence. There are absolutely no credit or income requirements for qualifying.
How Much Can I recieve?
The amount of money you can recieve is determined by your age, the current interest rate, your home's value and what you owe on your home. One of our Reverse Mortgage Specialists will assist you in evaluating your options and calculating the amount of money that will be available to you.
What does it cost?
Just like a conventional mortgage there are closing costs with a reverse mortgage. These fees are usually financed into the loan and may include title fees, taxes, recording fees, origination fees, mortgage insurance and other normal closing costs. One of our Specialists will be happy to proved you with a Good Faith Estimate of the cost involved.
Do I still own my home?
Yes! It is your home. You can keep your home or sell it any equity built up in your home belongs to you or your heirs.
Will I leave my children with debt?
NO! You can only leave equity to your children. There is no finacial responsibility beyond the value of the home. What is owed on the loan will be paid by the remaining equity left in your home, after you pass on. There is no personal liability left to your children.
Want to see approximately what you might get from a reverse mortage?
Just click on the reverse mortgage calculator and fill in the blanks.
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