Reverse Mortgages

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We like reverse mortgages for the right person.  You must be at least 62-years old to qualify. There are no income or credit requirements. You will never have a mortgage payment for the rest of your life.  You continue to own your home: at any time, you can sell or refinance.  This is a non-recourse loan: you and/or your heirs will never owe more than the value of the home.

Reverse Mortgages come in two categories:

1. A mortgage on an existing home can allow you to make the equity in your home liquid.  You can take the proceeds of the loan less costs and any existing mortgages in the following way:
   1. Fixed rate as a lump sum
   2. Variable rate as a line of credit that you use when you need it
   3. Variable rate as a fixed monthly payment for life
   4. Variable rate as a fixed monthly payment for a specified number of years.
2. A purchase of a new home.  Make a down payment and never

Benefits of a Reverse Mortgage

• Pay off your mortgage
• No monthly payments ever
• Tax-free cash flow
• Generally, there are no restrictions on how you spend your money
• Does not affect Social Security or Medicare benefits
• You continue to own your home
• You/Your heirs keep all remaining equity once the Reverse Mortgage is paid off
• You will never pay back more than the home value
• No credit, income or asset qualifications
• Repay at any time with no repayment penalty
• Government insured – FHA
• Independent non-profit counseling