Reverse Mortgages

Reverse mortgages are powerful tools that help eligible homeowners obtain a tax-free cash flow. Over two hundred thousand people have already used reverse mortgages to enhance their retirement. A reverse mortgage is a government sponsored and insured loan that requires no payments during the period of time you live in your home. Reverse mortgages enable eligible homeowners to access the money they have built up as equity in their homes.

Qualifications for reverse mortgage eligibility:

• You must be at least 62 years old.
• You must own and occupy your home as your primary residence during the term of the loan.
• Your home must be: A single-family residence, buildings with 1-4 Units, condos, and mobile homes built on a permanent foundation after July 1976. Coops do not qualify, except in parts of New York & Los Angeles.
• Counseling by a HUD approved counselor is required prior to or after completing a HUD application.

Benefits of a reverse mortgage:

• Retain the ownership of your home for life. The remaining equity will be passed on to your heirs.
• Proceeds from reverse mortgages are tax-free. Proceeds could be used for: in-home care, home repairs & improvements, paying off an existing mortgage, education of grandchildren, hospital & health care costs, paying off taxes and credit card debt, buying a second home, and travel. Let your home pay you back!
• No loan repayment or payments as long as you live in your home.
• No income, medical or credit requirements.