What is a Reverse Mortgage Loan?

A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower(s) permanently leaves the home.* Consult Tax Advisor. Not all products available in all states.

Get Pre-Approved

• You must be at least 62 years young
• It must be your Primary Home
• Ther is NO requirement for Credit, Empolyment, Income or Assets, unless doing reverse for purchase in which case we need to verify assets to close
• It is that easy!

LOAN PRODUCTS:

• Monthly Home Equity Conversion Mortgage
• Annual Home Equity Conversion Mortgage
• PURCHASE or Refinance

REVERSE FACTS:

• You don’t need any income to qualify
• You don’t have to make monthly repayments on a reverse mortgage
• You can receive additional monthly income
• You NEVER owe more than your home is worth. You are fully insured and protected by the FHA when you payoff the loan
• You can never lose your home as long as you maintain the property and pay the taxes.
• Your home goes to your heirs, not the bank

HOW DOES IT WORK?

• The amount you can borrow is based on:
• The value (or Price) of your home
• The age of the youngest spouse
• The area your home is located
• You can receive either:
• A lump sum up front
• A monthly advance
• A combination of both
• Your unused credit line grows each year based on the CPI
• You can pay off your exiting home loan
• There are NO payments required during your lifetime
• You NEVER lose your home as long as you pay your property taxes and maintain the home

APPLICATION PROCESS

• Meet with us to determine if a Reverse Mortgage is right for you
• Complete the required reverse education counseling program
• Fill out application
• That’s it! Relax and leave the rest to us