Back to Loan Center
 

What is a Reverse Mortgage?
A Reverse Mortgage is a federally regulated program for homeowners, aged 62 and older. It allows the equity in your home to pay you rather than you paying for the home. It is called a reverse mortgage because you borrow money from a lender, but the lender makes monthly payments to you, rather than you making monthly payments to the lender.

What is a Government Insured HECM program?
HECM stands for Home Equity Conversion Mortgage. It is a federally insured and guaranteed program, unlike a Home Equity Line of Credit. The HECM is a safe way for you to access the equity in your home without ever making a mortgage payment.

How is this Program “safe” for Senior Homeowners?
No matter what happens in the economy, how much money you receive, or how long you live in your home you will never be required to make a mortgage payment. In addition, no matter what happens to your lender or your home’s value you have guaranteed access to your money.

Who owns the home if I take a Reverse Mortgage?
You own the home. However, you pledge the home as collateral the way you would with a conventional forward loan.

What happens in the future with my Home?
Your Reverse Mortgage will continue - thanks to the federal insurance. The line of credit will still be available and monthly disbursements you may have set up, will still be sent to you.

 

What are some of the benefits of a reverse mortgage?
  Strengthen your personal and financial independence.
  Help pay for health care or other needs.
 
 		 You can never lose your home in foreclosure as long as you maintain the property tax and
 insurance payments.
 
 		 The loan is only paid off when the house is sold by you or your heirs, or all borrowers move
out of the house.
  Keep your Medicare or Social Security benefits.
  Use it as a credit line and draw upon it as needed.
  Get all your cash right away.
  Get the best of both—get cash now and have a balance in reserve to use as a credit line.
 
 		 No Income Requirements: The homeowner does not need to be working and is not qualified
based on income.
learn more

                                                                                                                                               © Copyright 2009 All rights Reserved.