Reverse Mortgages

A Reverse Mortgage converts the equity in your home into cash. You can receive up-front cash or income for life. Due to inflation and the cost of living many seniors discover that their retirement income no longer covers all living expenses. Or, some seniors have seen their investment portfolios downsized due to stock market swings and therefor need additional cash in order to live a comfortable style.

With a Reverse Mortgage you can:

• Pay off your existing mortgage
• Realize up-front cash
• Realize income for life
• Obtain an income-producing line of credit

Eligibility Requirements:

• You must be 62 years of age
• You must have substantial equity in your home
• If you meet these two tests you qualify!

There are no restrictions on the use of your Reverse Mortgage proceeds – you are simply converting YOUR home equity into YOUR cash. You may use your tax-free proceeds for any purpose, including:

• Living expenses
• Home repairs and improvements
• Travel
• Health care
• Your grandchildren’s education
• A second home
• Any purpose!

Additional Benefits of a Reverse Mortgage:

• No mortgage payments for as long as you live in your home
• You keep the title to your home just like you would with any other mortgage type
• The loan is not repaid until the last spouse permanently moves out
• Repayment can never exceed the value of your home
• You may use a Reverse Mortgage to buy a new home

Types of Reverse Mortgages

• Fixed- Standard – fixes your interest rate for life and provides the greatest amount of cash.
• Fixed “Saver” – New program as of 2011 and eliminates the costly up-front FHA mortgage insurance premium.
• Adjustable Standard – Provides up-front cash plus a line-of-credit option

How much money can I receive?
The amount of funds that you can receive depends solely on your age and the amount of equity in your home. The older you are the more funds that you receive. Click here to find out approximately how much you can receive with a Reverse Mortgage. By calling today I can tell you how much you can expect to obtain with a new Reverse Mortgage.
About your Loan Officer:
I have been counseling seniors about the merits of Reverse Mortgages for more than 10 years. I am a senior myself and have a genuine desire to assist seniors in making the right financial choices. A Reverse Mortgage is not for everyone. When I meet with you we can discuss your individual needs to see if a Reverse Mortgage is the right solution for your personal financial situation.

Click here to find out about how much you can obtain with a new Reverse Mortgage.

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