Why Consider a Reverse Mortgage?

Reverse Mortgage Loans are often associated with complexity, confusion, and scams. Let us change your mind on that! With the right Loan Officer handling the process, Reverse Mortgages can allow you to convert your home equity into cash you may need for everyday expenses. But remember: you still own your home and you can stay as long as you want. If you decide to move, you can sell your home and receive a payout for any remaining cash equity after the loan is paid off.

Reverse Mortgage Highlights

• Supplements your retirement income
• Provides funds that can reduce your monthly obligations
• Pays for medical expenses or costs associated with long-term care
• Establishes a “stand-by” line of credit that you can use as needed— unlike a traditional home equity line of credit (HELOC), a reverse mortgage line of credit cannot be reduced or revoked, as long as the terms of the loan are met and the unused line of credit grows over time
• You keep the title to your home and are responsible for property taxes, insurance, utilities, maintenance, etc
• Generally speaking, you will not need to pay any of the money back as long as you live in your home

Reverse Mortgage Requirements

• Must be 62 years or older and a homeowner.
• You must live in your home as your primary residence for the life of the reverse mortgage.
• You must meet with a HUD approved reverse mortgage counselor before applying for a reverse mortgage loan.
• Generally speaking, you will not need to pay any of the money back as long as you live in your home.
• Your home must be a single family home or a 4-unit maximum multiple family home (duplex, small apartment building) with one unit as your primary residence.