Reverse Mortgages

Opening the Door to Financial Independence

Letting Your Home Take Care of You.

Reverse mortgages can be a great way for qualified homeowners who are 62 years of age or older to access the equity in their homes. A reverse mortgage can provide you with a source of funds to supplement your monthly income, cover healthcare costs, pay off existing mortgages or other financial obligations, fix up your home, or simply gain peace of mind. Whatever your specific goals, a reverse mortgage can go a long way towards helping you maintain you financial independence.

What is a Reverse Mortgage?

A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live in the home. It can help turn the appraised market value of your home into cash without having to make monthly mortgage payment; and can help you better manage your financial future. Rather than making a monthly mortgage payment, you actually receive funds from the lender based on the loan terms that you select. Perhaps best of all, a reverse mortgage allows you to still own you home through the entire term of the loan.

Benefits of a Reverse Mortgage

No monthly mortgage payments
Loan proceeds may be tax -free - consult a tax advisor for more information
The loan is not due until the last homeowner sells or permanently leaves the home
Neither you nor your heirs will owe more than your home's appraised market value at the maturity of the loan
You decide how you would like to receive the loan proceeds - lump sum, line of credit, monthly payments, or a combination for any of these.

Achieve Your Goals

With a reverse mortgage, you have the freedom and flexibility to use the money from your home in any manner you see fit. Experience indicates that people use the finds for a variety of reasons including:

Healthcare and prescription drug costs
Home remodeling or repair
Supplemental income for everyday living expenses
Assisting grandchildren with education expenses
Estate and financial planning
Long-term care insurance

Explore Whether a Reverse Mortgage Program Would Fit Your Needs

Assistance is available to explain your various reverse mortgage options and to help you determine if a reverse mortgage best addresses your financial needs. If you decide a reverse mortgage is the right solution for you, the next step is determining which reverse mortgage loan program works best for you particular situation.

Qualifying Can Be Easy

Although the qualification process may vary by lender, there is a financial assessment, there are no health qualifications, and only minimal credit score requirements needed to qualify for a reverse mortgage. The amount of the reverse mortgage loan for which you qualify is determined by several factors, including:

Homeowner Age - all homeowners must be at least age 62
Current appraised value of the home
Current interest rate

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