What is a Reverse Mortgage?

What is a Reverse Mortgage?

A Reverse Mortgage allows a senior homeowner, age 62 and older, to tap into their home equity and gain access to the money they need, when they need it. A Reverse Mortgage is structured so there are NO Monthly Payments required for as long as you live in the home. Rather than making a monthly house payment, a reverse mortgage can pay you a monthly income.

A reverse mortgage is a loan that you borrow from yourself. You do not have to pay yourself back until you pass away or move from the home. A Reverse Mortgage provides Tax Free Cash or Income that can be used for any purpose. You Retain the Title to your Home. That means you can sell your home at anytime.

In essence you are keeping your home while enjoying the benefits of the home equity, and without having to make a monthly loan payment.

A Reverse Mortgage allows you to receive the Cash in Monthly Payments, A Lump Sum, A Line of Credit, or a Combination of the above. A Reverse Mortgage does not affect Social Security and Medicare. To qualify for a Reverse Mortgage there are No Income, Credit or Health guidelines to meet.

Why is called a Reverse Mortgage?

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. All interest is paid at the end of the loan, rather than in the beginning.

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 taxes 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.

grandparent and family

Senior Finance Network - 10121 W Sample Rd. - Coral Springs, FL 33065
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:: What is a Reverse Mortgage? :: Why Get a Reverse Mortgage? :: How Much Money Can I Get? :: How Do I Receive My Money? :: Process - HOW do I proceed? :: When is the loan paid off? :: Costs/Fees of a RM :: The Truths About Reverse Mortages :: What is a Non Recourse Loan? :: Industry Consumer Safeguards :: For the Families and Advisors of Seniors :: Frequently Asked Questions :: Request Information :: Glossary of Terms :: Hipotecas Revertidas :: 10 Datos Importantes :: About Us :: Contact Us :: Purchase a Home :: Schedule of Events :: Employment Info :: Free Informative Guides :: Press Releases ::

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