Reverse Mortgages

Reverse Mortgage Fast Facts

• All borrowers must be 62 years and older
• No repayment is made until the home is sold or the owner is permanently moves out or passes away
• You will never owe more than the value of your home
• No income qualification
• Interest is paid at the time the loan is repaid
• When the loan is due, your heirs have choices - they can repay the loan and keep the house, or sell the home and repay the loan
• Social Security benefits and Medicare are generally not affected by a reverse mortgage - consult your tax advisor
• You own your home - the lender does not take control of the title
• Interest rates are adjustable and can change periodically; however, this DOES NOT affect the amount you will receive
• Closing costs and fees incurred can be financed as part of the loan; there is zero to minimal out of pocket costs to you.

Receiving your Reverse Mortgage Cash

• All at once, in a single lump sum of cash
• As a regular monthly cash advance
• As a “credit line” account that lets you decide when and how much of your available cash is paid to you
• As a combination of these payment methods.

Click here USA.GOV for more information